Stanford files $7.2bn countersuit

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 ...