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News Americas, HOUSTON, Texas, Fri. Mar. 25, 2011: Former flamboyant businessman and cricket entrepreneur, R. Allen Stanford, is backing away from suing the federal government – at least for now.

Stanford, who is accused of perpetrating a multi-billion dollar ponzi-scheme, this week dropped a lawsuit seeking $7.2 billion against federal law enforcement for violating his constitutional rights.

Stanford sued Justice Department officials as well as Federal Bureau of Investigation and Security and Exchange Commission agents last month for allegedly violating his Fourth, Fifth, Sixth and Eighth Amendment rights regarding unreasonable searches and seizures; abuse of government authority in a legal procedure; protecting rights related to criminal prosecutions; and cruel and unusual punishment, respectively.

But the move to back away may be only temporary as the Texas-born, former Antigua resident, has indicated that he could refile once the criminal case against him concludes.

Stanford is currently inmate #35017-183 and is being held in Butner, N.C. after a judge ruled in January that he was incompetent to stand trial and recommended he undergo treatment for his reported traumatic brain injury, addiction to an anti-anxiety medication and major depressive disorder at a federal facility with suitable medical capabilities.

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