Stanford trial delayed again

Stanford, who allegedly defrauded investors out of US$8 billion through the sale of fraudulent certificates of deposit issued by the Antigua-based Stanford International Bank, was found incompetent to stand trial in January.

TEXAS, United States, Wednesday June 22, 2011 – Former billionaire Allen Stanford won’t be going to trial for fraud charges until next year, after a judge decided to give him additional time in treatment for addiction to anti-anxiety medication.

U.S District Judge David Hittner last month said Stanford’s trial would begin in Houston, Texas in September.

But yesterday, he said doctors at the Federal Medical Center (FMC) of the Butner Federal Correctional Complex, where the alleged Ponzi schemer has been treated since February, reported that it would take as long as four more months for him to kick his dependence on the drugs that were prescribed after he was severely beaten by another inmate in September 2009.

“The court now finds it has no alternative but to grant FMC's request for an additional four months to continue treating Stanford,'' Judge Hittner said in a ruling handed down yesterday. 

"Assuming FMC needs the entire four months to treat Stanford, the court now sets Stanford's jury trial to commence January 2012.''

The trial could be moved up if Stanford recovers sooner than expected, the judge added.

Stanford, who allegedly defrauded investors out of US$8 billion through the sale of fraudulent certificates of deposit issued by the Antigua-based Stanford International Bank, was found incompetent to stand trial in January.

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