Stanford successful without fraud says defense

Attorneys for embattled Texas financier Allen Stanford have mounted a defence that contends their client was a savvy businessman whose financial empire was legitimate and who never failed to pay what was owed to investors.

This is the hand that the court appointed defence lawyers played when Stanford’s court case went to trial this week after several years of delays.

Prosecutor Gregg Costa told jurors in the Houston federal court that Stanford used investors’ money to buy homes and yachts and fund cricket matches, stealing their hard-earned savings so he could live the lavish lifestyle of a billionaire.

The prosecution says Stanford’s business empire was built on smoke and mirrors and he bilked investors out of more than US$7 billion over 20 years as part of a massive Ponzi scheme centred on sales of certificates of deposit from an Antiguan bank he owned.

However, Stanford, denies the claims and says his businesses were legitimate, is charged with 14 counts, including wire and mail fraud. He faces up to 20 years in prison if convicted.

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