Las víctimas olvidadas de Stanford ahora disponible en español

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Thursday, February 16, 2012

Government rests in Stanford trial

The government rested its case Wednesday afternoon in the trial of accused
swindler R. Allen Stanford, and a federal judge was to consider motions from both sides before the 18th day of the trial continues later in the

Prosecutors presented evidence that they contend shows Stanford and others
conducted a $7 billion investor scam through certificates of deposit in an
offshore bank .

Defense lawyers have indicated by their questioning of government witnesses
that they'll attempt to show that Stanford's businesses were legitimate, and collapsed because the government seized their assets in 2009.

Wednesday morning, Stanford's lawyers presented documents to boost their
expected defense that he was consolidating his operations and that they
could have remained solvent.

Defense lawyer Ali Fazel showed spread sheets labelled as "consolidated"
financial reports during cross-examination of FBI agent Robert Martin, who
spent the day Tuesday describing the flow of money through Stanford-related
accounts based on financial reports he said came from Stanford's employees.

"Did you use this document to formulate these numbers?" Fazel asked as he
showed Martin a series of statements.

"I have not looked at this document," Martin replied repeatedly.

Fazel also pressed Martin about how the government developed charts and
graphics presented during Martin's testimony Tuesday, when he described
Stanford's finances to jurors in U.S. District Judge David Hittner's court.

Martin - a bank loan examiner before he began his FBI career - said
investigators used documents provided by staff of Houston-based Stanford
Financial Group and its dozens of subsidiaries, including Stanford
International Bank in the Caribbean nation of Antigua.

A 14-count indictment alleges that Stanford defrauded clients who invested
in certificates of deposit issued by the bank, marketing them as
conservative investments when the funds really went to Stanford's luxurious
lifestyle and speculative business ventures.

Martin testified Tuesday that the bank loaned $2 billion to Stanford, often
through transfers to a Swiss bank account and then to Stanford for personal

Recalling Martin's testimony that money also went from the account to
Stanford-affiliated companies, Fazel asked Martin if it was misleading to
assume the money wasn't used for business purposes.

Martin said the companies were 100 percent owned by Stanford and therefore
were his "possessions."

Fazel concluded his cross-examination of Martin at midday, and Assistant
U.S. Attorney Andrew Warren resumed prosecution questioning by asking about
the defense suggestions that Stanford was consolidating his companies.

Martin - the final witness in the prosecution's presentation of its case -
had testified Tuesday that Stanford International Bank reported reserves of
less than $1 billion at the end of 2008.

"Does consolidation allow you to create billions of dollars in thin air?"
Warren asked.

"No it does not," Martin replied.

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