STANFORD UPDATE: Blogger asks – Will Allen meet Bernie?

The Wall Street Journal’s legal blogger Ashby Jones makes a curious observation today – whether disgraced financiers, Allen Stanford and Bernie Madoff, will meet, now that Stanford is headed to the prison where Bernie resides.

Stanford is moving, temporarily, to get weaned off anti-anxiety meds so that he can help his attorneys prepared for his trial in Texas on criminal charges associated with claims he ran a $7.2 billion Ponzi scheme on CD investors.

Here’s what Jones has to say in the WSJ:

Stanford on the Move: Will Allen Meet Bernie?

Will Allen Stanford soon get to rub shoulders with Bernie Madoff?

It’s possible. The money manager is being moved out of Houston after a federal judge last month found him incompetent to stand trial, and he could be on his way to a facility in Butner, N.C., where Bernie Madoff is doing time, reports the WSJ’s Chad Bray.

Stanford had been expected to go to trial in January, but U.S. District Judge David Hittner in Houston found that Stanford lacked the mental capacity to stand trial based on his limited ability to assist his attorneys in his defense. Stanford has been accused of running a $7 billion fraud.

In January, the judge ordered Stanford be moved to a medical facility and undergo psychiatric and psychological treatment to ensure his medications don’t cause mental impairment.

The judge recommended that Stanford be moved to the Federal Medical Center at the prison complex in Butner, N.C., the current home of Madoff, or a similar facility.

The U.S. Bureau of Prisons Web site indicated Tuesday that Stanford was in transit. A Bureau of Prisons spokeswoman declined comment, saying prisons policy wasn’t to confirm where inmates are being moved while in transit.

A lawyer for Mr. Stanford declined comment Tuesday.

The Butner complex, about 30 miles north of Raleigh, and an eight-hour drive from New York City, includes two medium-security prisons, a low-security prison, the medical facility and satellite prison camp for minimum-security male inmates.

Three experts, including a psychiatrist hired by prosecutors, found that Mr. Stanford’s condition has deteriorated since his incarceration in 2009, Stanford’s lawyers said in court papers last month.

Stanford suffered a “traumatic brain injury” after a confrontation with another inmate in September 2009 and was overmedicated by medical personnel at the Federal Detention Center in Houston, his lawyers said. Mr. Stanford also suffers from a major depressive disorder, his lawyers said.

* * *

…. come back for more… patsy

Click video to hear audio