Midday update: Testimony starts to pull $$ together

HOUSTON, Texas – Stanford Financial Group accountant Henry Amadio began today to show a federal jury that CD deposits in Stanford International Bank were company chief R. Allen Stanford’s piggy bank.

He also identified payslips for an SFG account in Switzerland’s Societe Generale bank, where the Antigua-based bank’s internal auditor – CAS Hewlett – appears to have been paid a lot of money outside his known income to work for Stanford.

Amadio said he’d never been given any information about the Swiss account or put any of those figures on important annual financial reports, which informed clients and potential clients about what was going on with SIBL assets and investments.

Defense attorneys will get their shot at Amadio this afternoon and they’ll have to do their best to discredit him or confuse him or something to lessen the blow his testimony caused this morning.

At this point, it will be interesting to see who knew about this account, who used it and for what purpose.

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.. patsy

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