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Accountant: Stanford's bank properly auditedAccountant says nothing extravagant about millions paid to Texas financier Stanford's auditor
HOUSTON (AP) ' An accountant has told jurors at Texas tycoon R. Allen Stanford's fraud trial that there was nothing extravagant about the millions the financier's Caribbean bank paid to an outside auditor.
Morris Hollander testified Thursday in Houston that his review of financial statements showed the bank was being properly audited by the outside auditor and was adhering to international accounting rules.
Prosecutors claim Stanford orchestrated a Ponzi scheme that bilked more than $7 billion out of investors through the sale of certificates of deposit from his bank in Antigua. Prosecutors allege the payments to the auditor were bribes by Stanford to help him hide the fraud.
Stanford's attorneys have blamed his ex-chief financial officer for the alleged fraud.
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