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Accountant details Stanford investment spendingAccountant worried $2B Texas financier secretly borrowed from investors wouldn't be paid back
HOUSTON (AP) ' An accountant who worked for Texas tycoon R. Allen Stanford tells jurors he worried none of the more than $2 billion the financier secretly borrowed from investors to fund an array of failed businesses would ever be paid back.
Henry Amadio worked for the Stanford Financial Group Co. in Houston for six years. He testified Wednesday at the financier's fraud trial in Houston.
Amadio says Stanford's various companies were basically a money pit that ate up millions of investor dollars.
Prosecutors allege Stanford used money from those who bought certificates of deposit from his bank in Antigua to pay for his businesses and for his billionaire lifestyle.
Stanford's attorneys contend he was a savvy businessman whose financial empire was legitimate.
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