Financier Allen Stanford seeks release from jail

AP News
Posted: Mar 02, 2011 12:43 PM
Financier Allen Stanford seeks release from jail

Lawyers for jailed Texas financier R. Allen Stanford say his right to a speedy trial has been violated.

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.

Assistant U.S. Attorney Gregg Costa said delays since Stanford's 2009 indictment were legitimate and largely due to Stanford's own requests for continuances.

Stanford and others face a variety of federal charges in Houston federal court, including mail fraud, wire fraud and conspiracy in what prosecutors say was a $7 billion pyramid scheme. A trial date is currently on hold while Stanford undergoes treatment for an anti-anxiety drug addiction.