Stanford Found Fit To Stand Trial For $7B Ponzi Scheme

Law360, New York (December 22, 2011, 5:05 PM ET) -- A Texas federal judge on Thursday ruled that R. Allen Stanford was fit to stand trial on charges that he masterminded a long-running Ponzi scheme that bilked investors of around $7 billion.

U.S. District Judge David Hittner reversed a January ruling that Stanford was not competent to stand trial following an eight-month evaluation at a North Carolina prison medical center and a three-day competency hearing that opened Tuesday.

“Based upon the exhibits and testimony admitted at the hearing, the court determines, by a preponderance of the...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers