Charles Meadows, who until last week had briefly served as Sir Allen Stanford’s lawyer, will no longer be representing the billionaire in the case filed against him by the SEC. The FT reports that according to Meadow, Stanford “doesn’t have access to funds” because his assets and those of his numerous companies have been frozen since February.
The FT also reports that had Meadows appeared in court as Stanford’s counsel, the court could have ordered him to continue representing Stanford despite his lack of funds. “Once you grab hold of this tiger’s tail, you may not be allowed to let go,” a Texas-based lawyer explained. Although the defense of Stanford in this matter could result in fees between $4 million and $20 million, the lawyer added that “no one wants to work for free.”
