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

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    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…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.