R. Allen Stanford, standing trial on allegations he led a $7 billion investment fraud, appeared in an October 2008 video shown to his jury decrying “damn greed” on Wall Street as the financial crisis deepened.
The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.
An Antiguan judge who is also the island’s top banking regulator told the jury at R. Allen Stanford’s investment fraud trial that he repeatedly tried to influence the agency that oversaw his banking operations there.
R. Allen Stanford, whose lawyers failed to convince a judge that he’s mentally unfit to stand trial, was ordered to face a jury next month on charges he swindled investors of more than $7 billion. The trial is to begin with jury selection on Jan. 23.
R. Allen Stanford was furious to learn that his finance chief, James Davis, forged his name to a 2007 employee memo abolishing a department Stanford created to “reel in” expenses, a former executive testified.