Stanford Not Ready To Stand Trial

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.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR