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Allen Stanford trial set for 2011

December 19th, 2009

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The trial of alleged fraudster Allen Stanford will not take place until 2011, a judge has ruled.

Mr Stanford is accused of carrying out a $7 billion Ponzi scheme at his offshore bank in Antigua.

As he is deemed a flight risk by US authorities, he will spend the year before his January 2011 trial in custody.

The start date of the trial was a compromise between prosecutors, who wished to begin the trial in September 2010, while defence lawyers were pushing for a summer 2011 date in order to better prepare their case.

His chief financial officer James Davis has already pleaded guilty to fraud while Mr Stanford himself has denied all charges.

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Posted in Finance Fraud

Tags: Authorities, Chief Financial Officer, Compromise, Defence Lawyers, Flight Risk, Fraud, Fraudster, Jail Cell, James Davis, Life In Prison, Officer James, Offshore Bank, Prosecutors, Stanford

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Allen Stanford stripped of his knighthood

November 3rd, 2009

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Disgraced Texas financier R. Allen Stanford is being stripped of his knighthood in the Caribbean nation of Antigua and Barbuda, the head of the government panel that approves the awards said Monday.
The National Honors Committee voted unanimously to revoke Stanford’s title for embarrassing the nation by running an alleged Ponzi scheme out of his Antigua-based offshore bank, Chairwoman Jacqui Quinn-Leandro said.

Stanford, once a benefactor of the Antiguan government, is in jail in Texas awaiting charges for allegedly defrauding some 28,000 investors out of $7 billion by selling them what U.S.

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Posted in Finance Fraud

Tags: Baldwin Spencer, Bank Ltd, Caribbean Nation, Certificates Of Deposits, Cricket Stadium, Disrepute, Financial Institutions, Government Panel, Honors Committee, Knighthood, Local Authorities, Member Of Parliament, Members Of Parliament, Offshore Bank, Ponzi Scheme, Private Employer, Public Announcement, Queen Elizabeth, Queen Elizabeth Ii, R Allen

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Allen Stanford returns to jail after prison brawl

September 30th, 2009

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Businessman Allen Stanford, who is awaiting trial for an alleged $7 billion fraud, has returned to jail after being badly injured during a prison brawl last week.

Fifty-nine-year-old Stanford suffered a broken nose, two black eyes and mild concussion in the fight at the Joe Corley Detention Facility in Conroe, Texas.

He spent the weekend in hospital before being returned to his jail cell on Monday.

Mr Stanford had previously been taken to hospital in August 2009 for five days following heart problems.

The former chairman of the Stanford Financial Group, who saw his assets frozen following his arrest in February 2009, will stand trial on 21 separate criminal charges relating to a Ponzi scheme he is alleged to have run from his offshore bank in Antigua.

Mr Stanford is accused of targeting several sportsmen in the fraud, including baseball players Johnny Damon and J.

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