Allen Stanford's Fraud Trial Delayed due to Competency Issues

Juan A. Lozano

The Associated Press

January 07, 2011

A judge has delayed the trial of former Texas billionaire and financier R. Allen Stanford, who is accused of bilking investors out of $7 billion in a Ponzi scheme.

U.S. District Judge David Hittner determined that Stanford is not mentally competent to go forward with his case. The financier's trial had been set to begin Jan. 24.

The judge agreed on Thursday to delay the start of the trial until Stanford can be treated for medical problems affecting his competency. The judge did not say how long the delay could last.

Hittner ruled after a daylong hearing during which three psychiatrists testified that Stanford is not competent because of medical issues including a brain injury he suffered during a jail fight in September 2009.