The fraud trial of Allen Stanford has been delayed in the US after a judge heard psychiatric evidence he is suffering from depression.
Although the trial was due to start on 24 January, US District Judge David Hittner has now postponed it, with no new date set yet, after he was told of Stanford's depression and addiction to anti-anxiety medication. Victor Scarano, a psychiatrist testifying for the defence, said: "In my opinion he's unable to work effectively with his attorney to develop a defence against the charges." Stanford has already pleaded not guilty to fraud, conspiracy and obstruction after allegations he ran a pyramid scheme based in Antigua which defrauded investors of $7bn (£4.5bn). Prosecutors have ar...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes