Stanford tries to surrender to federal authorities

HOUSTON (AP) - The Texas billionaire accused by federal regulators of running a massive Ponzi scheme tried to turn himself in - but failed.

Federal marshals in Houston wouldn't take R. Allen Stanford into custody yesterday because there is no warrant out for him.

The Houston Chronicle reports in its online edition that Stanford and his lawyer marched a few blocks from attorney Dick DeGuerin's office to the federal courthouse to -- quote -- "surrender."

Stanford stood by as DeGuerin told a woman at the U.S. Marshal's office they wanted to surrender him into custody. The Securities and Exchange Commission has accused Stanford of running an $8 billion investment fraud.

His Houston-based companies have since been shut down and placed
in receivership. Stanford has denied the allegations.

Meanwhile, DeGuerin says yesterday's action was an attempt to show that his client was available.

He also wanted to avoid a -- quote -- "perp walk." He says that's happens when an accused person is handcuffed and paraded before the media.

Justice Department attorney Paul Pelletier declined comment.


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