Tuesday, 23 September 2014
Last updated 3 hours ago
Jan 28 2011 | 11:31am ET
Accused hedge fund fraudster R. Allen Stanford’s depression and drug addictions have rendered him incompetent to stand trial, a judge ruled yesterday.
A federal judge in Houston also found that Stanford suffered a brain injury during a 2009 jailhouse beating. But U.S. District Judge David Hittner rejected Stanford’s bid to be released to receive treatment.
“The court finds Stanford is incompetent to stand trial at this time based on his apparent impaired ability to rationally assist his attorneys in preparing his defense,” Hittner wrote. “The court’s finding that Stanford is incompetent, however, does not alter the court’s finding that Stanford is a risk.”
Stanford’s lawyers had asked that their client, who has been jailed since his arrest in June 2009, receive bail so that he could go to a private facility. But Hittner recommended he be sent to a federal prison facility—he specifically mentioned the Butner, N.C., prison that currently houses Bernard Madoff—to “undergo medical treatment for his current impaired mental capacity.”
Stanford is accused of swindling investors out of $7 billion. He faces up to 375 years in prison if convicted.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.