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For breakfast everybody it's sort of like -- two for the price of one as far as news stories go in the case that accused Ponzi -- Allen Stanford today.
This is Stanford seeks new representation.
And another executive from his company is charged in connection to.
His alleged scam fox this is Dan Shapiro has more -- -- from the Houston federal courthouse good morning Adam.
Good morning general gonna get two for the price of one today.
First up gonna be Allen Stanford but it's really hearing that involves his soon to be former attorney Dick de -- and the famed criminal defense attorney.
Is requesting to be released from the case mr.
Stanford essentially fired -- -- to Gary and to replace him with a high powered high priced law -- out of Washington DC Patton Boggs.
But so far the courts -- not allow that Patton Boggs has no standing before the federal court here in Houston they've lost that every -- To be entered into this case in this city Garrett has got to be making the argument.
Let me be free.
Let him have his own attorney or give them public defender but this is really about one getting -- to -- -- removed from the case and to perhaps appointing an attorney.
Stanford the other person who will be court following mr.
Is James Davis James Davis is not only college pal of mister Stanford's.
He's also the former CFO Stanford financial group Stanford international bank.
And he has essentially turned State's witness he is the key witness providing prosecutors.
Details -- -- the alleged Ponzi scheme was pulled off.
How they fraudulently sold those CDs to thousands of people worldwide.
Resulting in what is anywhere from a seven point two -- eight billion dollar alleged crime mr.
Davis expected to plead guilty as part of a plea bargain.
This morning three charges against him they will include conspiracy to commit securities fraud mail fraud and conspiracy to obstruct.
And SEC investigation that is a throw back to you.
The key question for mr.
Davis is going to be will -- leave from the front door behind me.
Or will he get one way ticket to jail this morning go -- the back court federal court.
The question for mr.
Stanford and the legal team -- -- trying to get control of his case is why would they want all this -- Well -- about a hundred million dollars in insurance money out there to pay the legal fees of lawyers it hasn't been released yet.
But it sure would buy a lot airplane tickets back and forth between Washington and Houston.
-- thank thank you had to think your way out of any real chance though that a public defender could be assigned a mr.
Stanford what are the chances -- that.
Well -- that it's that -- it's a good chance that he could wind up with a public defender at some point simply because he claims that he has no money.
To defend himself from that hundred million dollars I talked about through insurance that money is being Roseanne by the civil side of this case because mr.
-- receiver says that money.
Belongs to the victims of this alleged -- to that decision has to be made in Dallas whether the insurance money will be freed up if it's not freed up.
Public defender you can bet on.
Very interesting busy -- -- -- -- Adam Shapiro Flores from Houston -- will be watching.
All day for you on Fox Business Network thank you out of -- you.
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