Saturday, 31 December 2011

Stanford Squirms, Stays on Hook

My favourite financier, Ex "Sir" Allen Stanford, approaches public denouement as inexorably as entropy. Ducking, foaming at the mouth, diving in psychotic style, he is driven back into the naughty corner by American Justice, pressing every available button marked "DELAY" "PREVARICATE" that he can find.
The Beeb clinically traces his ducks and weaves.

27th Jan: Allen Stanford ruled unfit to stand trial for fraud

A US federal judge has ruled that Texan billionaire Allen Stanford is unfit to stand trial at present over accusations he led a $7bn (£4.5bn) fraud scheme.
Mr Stanford is facing trial over allegations that he ran a pyramid scheme based in Antigua which defrauded investors.

"The court finds Stanford is incompetent to stand trial at this time based on his apparent impaired ability to rationally assist his attorneys in preparing his defence," District Judge Hittner wrote in his ruling in Houston, Texas.

16th Feb: Stanford moved from Houston to a different detention facility

U.S. District Judge David Hittner ruled after a hearing in January that Stanford is incompetent to stand trial and must undergo detoxification from addictions to medications prescribed for anxiety and depression.
A brain injury Stanford suffered in a 2009 altercation with another inmate also may have diminished his capacity to assist in his defense, the judge wrote, citing expert testimony in the hearing.

18th Feb: Allen Stanford files $7.2bn countersuit

Texan billionaire Allen Stanford has filed a countersuit against US prosecutors, accusing them of depriving him of his constitutional rights. The lawsuit claims prosecutors "undertook illegal tactics" in their investigation of Mr Stanford's alleged pyramid scheme that they claim defrauded investors of $7bn (£4.3bn).
Mr Stanford is seeking $7.2bn in damages from the SEC and FBI.

23rd Dec: Allen Stanford ruled fit for trial

A US federal judge has ruled Texan financier Allen Stanford is mentally fit to stand trial for allegedly operating a $7bn (£4.5bn) Ponzi scheme.
"I see no brain injury that stands in the way of his standing trial," said Dr Robert Cochrane, a psychological evaluator at the prison.
US District Judge David Hittner agreed after a three-day hearing in Houston, Texas, that Mr Stanford was able to help his lawyers prepare for the trial.

Mr Stanford has spent more than eight months at a North Carolina prison hospital undergoing psychological tests and being weaned off anti-anxiety medication. Charged by the Securities and Exchange Commission in 2009, Mr Stanford denies running a Ponzi scheme involving the sale of fraudulent certificates of deposit issued by his offshore bank in Antigua.

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