ROBERT ALLEN STANFORD, also known as Sir Allen Stanford, also known as Allen Stanford, Defendant - Appellant Appeal from the United States District Court for the Southern District of Texas USDC No. 4:09-CR-342-1 Before KING, STEWART, and HAYNES, Circuit Judges. HOUSTON, (Reuters) – Financier Allen Stanford was judged mentally fit to stand trial by a federal judge today, setting the stage for a trial next year in one of the biggest white-collar fraud. Defense attorney Ali Fazel told judges on the 5th U.S. Circuit Court of Appeals that Stanford should be set free as he awaits trial in what prosecutors called a huge Ponzi scheme. HOUSTON – Allen Stanford, the former Texas billionaire convicted of an US$7-billion Ponzi scheme, was sentenced to 110 years in prison by a U.S. Federal judge on Thursday. Stanford, who was convicted of 13 felony counts of fraud and conspiracy and obstruction by a Houston jury in March, used fraudulent certificates of deposit issued by his. The defense has rested its case in the fraud trial of Texas financier Allen Stanford without calling him to testify in his own defense. That means the case in what prosecutors call one of the.
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Toronto-Dominion Bank will defend itself in a trial starting in a Canadian court on Monday in which liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $5.5 billion in damages.
The joint liquidators of Stanford International Bank (SIB) allege “negligence and knowing assistance” by TD, Canada’s second-biggest lender, in allowing SIB to maintain correspondent accounts, according to a statement filed with the Ontario Superior Court of Justice in 2019.
Correspondent banking is the business of providing services to offshore financial institutions. The joint liquidators are Grant Thornton in the British Virgin Islands and the Cayman Islands. The trial is scheduled to last three months, a spokesman for one of the plaintiffs’ lawyers said.
Stanford is serving a 110-year prison term after being convicted in 2012 of running a $7.2 billion Ponzi scheme.
“Like everyone else, during the time that Stanford International Bank was a customer of TD, we had no knowledge of, and no reason to suspect, any fraudulent activity was taking place,” a TD spokesman said. “TD is not responsible for the fraud committed by Allen Stanford.”
TD estimated reasonably possible losses from legal and regulatory actions including the Stanford litigation of between zero and C$951 million ($750 million) as of Oct. 31. Provisions related to legal action will be taken when a loss becomes probable and an amount can be reliably estimated, it said in its 2020 annual report here.
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By Nichola Saminather, Reuters, 11 January 2021
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