Stanford Trial Delayed; Accused Ponzi Schemer Addicted To Anti-Anxiety Med.

Jan 7 2011 | 8:51am ET

Accused hedge fund fraudster R. Allen Stanford is too hopped up on drugs to face trial, a judge ruled yesterday.

Stanford, accused of swindling investors out of $7 billion, was to get his day in court later this month. But the alleged Ponzi schemer's lawyers said that he is addicted to a powerful anti-anxiety medication that has left him too foggy to assist in his own defense.

U.S. District Judge David Hittner also ordered Stanford to undergo further tests to determine his competency to stand trial.

According to a defense team psychiatrist, Stanford suffered brain trauma in a 2009 fight at a private prison in South Texas, which fractured his eye socket and cheek bones. Victor Scarano said that Stanford is currently taking the anti-anxiety medicine clonazepam and an anti-depressant, mirtazapine, and needs to be slowly weaned off the former. Two other defense team psychiatrists testified that Stanford should be released from prison to receive treatment.

Hittner agreed to delay the trial, but did not set a new trial date. Stanford's lawyers want a two-year delay, while prosecutors, whose own psychiatrist agreed that Stanford was not competent to assist his defense, want a shorter delay.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.