Financier R. Allen Stanford's Trial Set for September 12th in Houston
The long awaited trial of financier R. Allen Stanford is set to begin on September 12, 2011 in Houston, Texas, as reported by Bloomberg News. Stanford, who is accused of a $7 billion investor fraud scheme, was indicted in June 2009 and has been imprisoned as a flight risk since his arrest. The trial was to have started in January 2011 but was postponed in order to allow Stanford to undergo drug rehabilitation in a prison facility.
U.S. District Judge David Hittner found Stanford unfit to assist in his defense as a result of an addiction to prescription anxiety drugs he acquired while in prison. Since February, Stanford has been undergoing detox treatment at the hospital unit of the federal prison in Butner, North Carolina.