Stanford files $7.2bn countersuit

Texan billionaire Allen Stanford has filed a countersuit against US prosecutors, accusing them of depriving him of his constitutional rights.

The lawsuit claims prosecutors "undertook illegal tactics" in their investigation of Stanford's alleged pyramid scheme they claim defrauded investors of $7bn (£4.3bn). Stanford is seeking $7.2bn in damages from the SEC and FBI and has pleaded not guilty to fraud, conspiracy and obstruction, the BBC reports. Last month, a US federal judge ruled Stanford was unfit to stand trial and did not have the mental capacity to assist his lawyers. Stanford, 60, is accused of running a scheme persuading investors to buy certificates of deposit from Antigua-based Stanford International Bank. He ...