Stanford's $7bn 'Ponzi' trial to open in Texas


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The Independent Online

Allen Stanford, the one-time billionaire financier, will finally go to court this week accused of running a $7bn Ponzi scheme.

The Texas courts have turned down claims that Mr Stanford is not fit to stand trial following brain injuries caused by a fight with an inmate in 2009. Mr Stanford has been in jail without bail since he was arrested nearly three years ago. The Texan, who was best known for his lavish sponsorship of cricket matches, denies charges of fraud, money laundering and obstruction of justice.