Stanford trial moves into 2012

By NEMS Daily Journal

HOUSTON, Texas – Jailed Texas financier R. Allen Stanford’s trial date moves to January 2012, a federal judge said Wednesday.
Stanford was declared incompetent to stand trial earlier this year because of a prescription drug addiction and has been treated the past four months in a North Carolina federal prison hospital.
Stanford is accused of bilking investors out of $7.2 billion in a massive Ponzi scheme. His attorneys say he ran a legitimate business.
U.S. District Judge David Hittner ordered the trial to begin in January 2012 because doctors treating Stanford say he is still not competent to stand trial.
His trial in Houston was to begin Sept. 12 after being delayed from a Jan. 24 start.
Stanford’s financial empire crashed in early 2009 under the weight of a U.S. Securities and Exchange Commission investigation.
Some 50,000 investors in 100 countries lost their life savings and retirement funds.
Scores of Mississippians were among that number from doing business at Stanford offices in Tupelo, Jackson and Memphis.
Recently, the SEC said it believes many of them qualify for compensation through an investor-backed group. Details are still coming together about that ruling.
Indicted with Stanford were an Antiquan bank regulator and four Stanford executives, including Baldwyn natives Laura Pendergest-Holt and James M. Davis.

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