Stanford accounts to remain frozen

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by The Associated Press

wfaa.com

Posted on March 2, 2009 at 11:58 AM

Updated Monday, Oct 19 at 4:54 PM

DALLAS -- A Dallas federal judge says thousands of investor accounts with Texas billionaire R. Allen Stanford's financial companies will remain frozen for another 10 days.

The accounts were frozen by a temporary restraining order during the federal investigation of Stanford's businesses. U.S. District Judge David C. Godbey on Monday extended the order until March 12.

Stanford's companies have been in receivership since the Securities and Exchange Commission filed a civil action alleging his companies were involved in an $8 billion investment fraud. Stanford is accused in civil charges but has not been charged with a crime.

Also Monday, the receivership said it plans to start releasing accounts of less than $100,000 to their owners by March 16.

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