Allen Stanford 'ponzi' trial begins in Texas

Stanford, 61, is accused of misleading investors about certificates of deposit (CDs) issued by his offshore bank, Stanford International Bank. The CDs were touted as safe, with funds "generally invested in investment grade bonds, securities and foreign currency deposit". Instead, prosecutors allege, Stanford invested CD proceeds in illiquid investments that included Caribbean real estate, a Cowboys and Indians magazine and a pawn shop operator. He also loaned more than $2bn to himself. The Texas courts have turned down claims that Stanford is not fit to stand trial following brain ...