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Allen Stanford loses bid to delay trial for $7bln Ponzi scam


December 29, 2011 - Washington

Texas billionaire and cricket tycoon R. Allen Stanford, accused of running a 7.2 billion dollars Ponzi scheme has lost his bid for a three-month delay in his criminal fraud trial.

Jury selection will now begin in the Houston federal court on January 23, Fox News reports.

District Judge David Hittner said the public interest in a speedy trial was "particularly acute."

The Judge cited the allegations that Stanford deceived thousands of investors into buying certificates of deposit from his Antiguan bank, resulting in billions of dollars of losses.

He also noted that Stanford has been in pre-trial detention for two and a half years since his arrest.

"This case needs to be tried," Hittner said.

Stanford is facing charges of duping investors of over seven billion dollars through his Antigua-based Stanford International Bank to live off his income.

He has been lodged in prison since his arrest in 2009 on the grounds that he is trying to escape punishment.

His trial was earlier postponed following three doctors' ruling that he was "incapable of standing proceedings due to extensive retrograde Amnesia".

ANI

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