Robert Allen Stanford Monday told his side of the story about government allegations that he operated an $8 billion fraud, KPRC Local 2 reported.

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Stanford's attorney, Dick DeGuerin, said his client is talking because they are concerned that the government may move for a gag order to prevent them from talking at all.

"We didn't run a Ponzi scheme, No 1," Stanford said. "There's never an intent to defraud anybody. There were assets, there are assets. There were companies worth a lot of money now have been rendered worth a whole lot less, if not in some cases worthless.   Federal marshals shut down Stanford Financial Group on a Securities and Exchange Commission complaint that Stanford orchestrated a massive fraud selling CDs backed by his offshore bank.

Stanford said his companies were healthy until the SEC stepped in.

"We stood on our own," he said. "We delivered. Only when the SEC comes in and takes over everything that we had in the U.S. under the Stanford umbrella operating and basically shut It all down, and the ripple effect thereafter were solid, well run institutions were then taken over, nationalized, did we have a problem. It?s just amazing."

"Where does the buck stop with Stanford Financial Group?" KPRC Local 2 reporter Phil Archer asked Stanford.

"What do you mean where does the buck stop?" Stanford replied.

"Does it stop with Mr. Davis (James Davis, Stanford's chief financial officer)? Does it stop with you? Does it stop with the board? Who's in charge? Who's ultimately responsible?" Archer asked.

"I think it stops with the SEC," Stanford said.

Bank examiners said they learned recently that Stanford's bank in Antiqua kept two sets of books and report they haven?t found the assets thought to be kept there.

Stanford said others in the company were responsible for taking care of those investment decisions. He said that some of his former employees have let him down. The only one he would name was Davis, who is cooperating with the federal investigation.

Stanford said he is in the process of moving back to Houston and he expects a criminal indictment against him.