Wednesday, 24 December 2014
Last updated 11 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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.