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Stanford Declines to Testify
February 28, 2012
[ by Melanie Gretchen ]
Allen Stanford didn't testify in his fraud trial Monday. Facing charges that the former financier operated a $7 billion Ponzi scheme that lasted 22 years and a trial that began last month, his lawyers rested their case in U.S. District Court in Houston.
Quick Decision. After the last expert witness for Stanford finished testifying, lead defense lawyer Robert Scardino asked for more time to decide whether his client would testify. When Judge David Hittner demanded an immediate decision, Mr. Scardino told the judge he was resting his case, following a short deliberation.
The Case. Prosecutors alleged that the former health-club owner and real-estate investor, sold billions of dollars in certificates of deposit that were described to client as conservative, safe investments. Instead, the money went into highly speculative ventures and into Stanford's own businesses, as well as paying for expensive perks such as a yacht, airlines, and cricket tournaments, the government said.
The defense said Stanford's Carribean bank was brought down by U.S. regulators' intervention. Any fraud was committed by another executive, former CFO and Stanford's right-hand man, James Davis. He pled not guilty to 14 counts of fraud and conspiracy, including bribing the bank regulator in Antigua, money laundering, and obstructing an investigation by the SEC.
Closing arguments are scheduled for Wednesday.
We hope investors get their closure in funds returned.
For further details, go to [WSJ, 2/28/12].
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