WACO, Texas -- The father of disgraced Texas billionaire R. Allen Stanford called a federal investigation of his son a "witch hunt."
James Stanford made his comments after testifying in Waco yesterday before the Securities and Exchange Commission.
The 81-year-old Mexia businessman declined to comment on what he said in the closed proceedings. But he told reporters that the SEC investigation of his son and freezing of his assets is, in his words, "a rush to judgment on the part of the government."
Allen Stanford's accused in an SEC lawsuit of a "massive" fraud. He was served with legal papers by FBI agents last week but hasn't been charged with any crime. The SEC says Stanford peddled sham promises and funneled $8 billion of investors' money into real estate and other assets not easily turned into cash.
Forbes magazine estimates the personal fortune of the 58-year-old Mexia native amounts to $2.2 billion.