Wednesday, December 21, 2011

Defense: "Sir" Allen Stanford Not Fit For Trial

Allen Stanford is not as well known as Bernie Madoff but I'd put him in the same league. He is accused of using a $7-billion Ponzi scheme to defraud people who invested with him. Today, his lawyers argued he is not competent to go to trial as scheduled on Jan. 23 because a jailhouse fight has left him with severe memory loss. I've include the picture of Stanford after the Prison fight that I presume caused the 'memory loss'. His rise to fame is very interesting and can be explained far better than I ever could by watching the documentary below. The first 80 seconds is a good overview. My favourite part: Telling Carl Quintanilla on CNBC that "Yes, I have to say, it's fun being a billionaire."

Update: Stanford Found Fit For Trial
It looks like Stanford's defense didn't hold up in court:
“I have found by a preponderance of the evidence that Stanford is competent to stand trial,” U.S. District Judge David Hittner in Houston said today in finding Stanford able to assist in his defense.

Prosecutors told the judge that Stanford was trying to avoid trial by faking amnesia. They cited the results of more than 16 neuropsychological tests and a magnetic brain scan administered at Butner.


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