Prosecutors were asking a federal judge on Wednesday to set a trial date for Texas financier R. Allen Stanford, who is in jail accused of bilking investors out of $7 billion.
But Stanford’s recently appointed defense attorneys want U.S. District Judge David Hittner in Houston to hold off on a decision. They say the vast number of documents and witnesses they’re still sorting through make it nearly impossible for now to know how long they’ll need to prepare for trial.
Stanford got two new attorneys last month after his previous lawyer withdrew because he had no assurance of payment.
Meanwhile, Stanford continued his fight in the government’s civil case against him, filing a notice in federal court in Dallas that he is appealing the decision to pay the court-appointed receiver $20 million from his estate. Last month, Judge David Godbey approved payment of $20 million to Dallas lawyer Ralph Janvey, who heads the team assigned to unravel Stanford’s businesses.
In a separate motion filed Tuesday, Stanford also expressed his opposition to Janvey’s attempts to sell the Sea Eagle, which the billionaire spent more than $16 million on to turn it into “one of the finest sports fishing boats in the world,” according to the motion.
The two engines Stanford had installed on the Sea Eagle alone are worth more than the initial bidding price of $2.5 million set by the receiver for the entire boat, according to Stanford’s motion. In addition, the receiver is trying to sell the Sea Eagle “during the least optimal time of the year for boat sales. The best time for boat sales is during the winter,” the motion states.
Stanford also opposes the sale of the Sea Eagle because he purchased it in 1998, a year before the Securities and Exchange Commission alleges Stanford began running a Ponzi scheme that duped investors out of more than $7 billion. In her motion, Stanford’s civil attorney Ruth Brewer Schuster said if Stanford is acquitted, his victory will be diminished by the receiver’s sale of his property.
In a motion filed last month announcing his intent to sell the Sea Eagle, Janvey said he needed to do so in order “to preserve the assets and minimize expenses” of Stanford’s estate. Janvey said Stanford bought the Sea Eagle for $3.9 million in 1998 and that keeping it in dock costs $25,000 a month. The company hired to sell it has placed advertisements in two international yacht magazines.
Brewer Schuster did not immediately respond to a message left by The Associated Press.
Source: Associated Press
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