Cricket tycoon Stanford’s fraud case delayed over mental incompetence to face trial
January 8th, 2011 - 2:29 pm ICT by ANIWashington, Jan 8 (ANI): The upcoming trial of former Texas billionaire and cricket tycoon R. Allen Stanford, accused of fleecing investors out of seven billion dollars in a pyramid scheme, has been delayed after a federal judge declared that he is mentally incompetent to go forward with his case.
According to the Daily Mail, Stanford’s trial was set to begin on January 24, but U.S. District Judge David Hittner agreed to delay its start until the financier can be treated for several medical problems that are affecting his competency.
Although the judge did not specify the time period of the delay, but defence attorneys are asking for at least a two-year delay to deal with his medical problems and various legal issues related to getting ready for trial.
Hittner reportedly made his decision after a daylong hearing in which three psychiatrists testified that Stanford is not legally competent to be a part of the trail because of a brain injury he suffered during a jail fight in September 2009 for which he now takes heavy doses of anti-anxiety and anti-depressant drugs.
Stanford and three ex-executives of his now-defunct Houston-based Stanford Financial Group are accused of orchestrating a colossal pyramid scheme in 2009 by advising clients from 113 countries to invest more than 7 billion dollars in certificates of deposit at the Stanford International Bank on the island of Antigua, promising huge returns.
However, Stanford’s attorneys have denied the allegations against him, saying he ran a legitimate business and didn’t misuse bank funds to pay for a lavish lifestyle. (ANI)
- US court finds 'mentally impaired' Stanford 'incompetent' to face trial in fraud case - Jan 27, 2011
- Cricket tycoon Stanford files 7.2 billion dollar lawsuit against US prosecutors, SEC - Feb 19, 2011
- ECB faces legal threat over ill-gotten' Stanford gains - Feb 03, 2011
- Judge rules 'serious flight risk' Stanford must stay in jail pending trial - Jul 01, 2009
- Cricket mogul Stanford to be stripped of knighthood over Ponzi scam - Nov 03, 2009
- Sir Garfield Sobers backs beleaguered cricket mogul Stanford - Dec 18, 2009
- Libya rejected offers to invest with Bernie Madoff, Allen Stanford: WikiLeaks - Feb 24, 2011
- "Flight risk" cricket mogul Stanford ordered to await trial in jail - Aug 25, 2009
- Delating a gene works up smarter brain - Mar 11, 2012
- US suspected Allen Stanford's 'Ponzi schemes' long before ECB deal: WikiLeaks - Dec 21, 2010
- Cricket moghul Stanford hospitalized after prison fight with fellow inmate - Sep 26, 2009
- Dr Conrad Murray's defence lawyer asks for MJ trial delay - Apr 30, 2011
- Cricket billionaire Stanford pleads not guilty to 'Ponzi' scam - Jun 26, 2009
- Brain's 'fear' area doesn't increase anxiety but counters it: Study - Mar 10, 2011
- Indian American contractor pleads guilty in naval kickback scam - Apr 29, 2011
Tags: anti depressant drugs, billion dollars, brain injury, certificates of deposit, daily mail, defence attorneys, district judge david, federal judge, financial group, fraud case, heavy doses, lavish lifestyle, legitimate business, medical problems, mental incompetence, psychiatrists, pyramid scheme, r allen, stanford financial, texas billionaire