Stanford asserts rights under 5th Amendment

DALLAS - Texas billionaire R. Allen Stanford and one of his top officials have asserted their Fifth Amendment right against self-incrimination in the federal government's fraud case against them and Stanford's companies, according to documents filed Wednesday in U.S. District Court in Dallas.

Stanford said he will "decline to testify, provide an accounting or produce any documents" related to the Securities and Exchange Commission's civil case, which accuses him of running a "massive Ponzi scheme."

Finance chief James M. Davis, using similar language, also asserted his right not to incriminate himself.

Today the SEC is expected to argue for an injunction giving a court-appointed receiver continued control over the assets of Stanford, Davis and Stanford Investment Group companies.

The SEC has accused Stanford and his top officers of an $8 billion fraud related to certificates of deposit and other investments at the Stanford International Bank in Antigua. An attorney for Stanford has denied the allegations made in civil court.