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Prosecutors rest in fraud trial of Texas financier

Texas financier Stanford to begin defense in fraud trial after 3-week long prosecution case By The Associated Press

HOUSTON (AP) ' Prosecutors have rested their case in the fraud trial of jailed Texas tycoon R. Allen Stanford.

The final witness for prosecutors wrapped up his testimony in Houston federal court Wednesday.

Prosecutors spent three weeks presenting more than a dozen witnesses in support of their claims Stanford bilked investors out of more than $7 billion in a Ponzi scheme centered on the sales of certificates of deposit from his Caribbean bank on the island nation of Antigua.

Stanford's defense attorneys were expected to begin presenting their case later Wednesday.

His attorneys claim the financier's business empire was legitimate and accused his chief financial officer ' the prosecution's star witness ' of being the mastermind of the alleged fraud.

Stanford's attorneys have previously said the financier planned to testify.

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Related Keywords:Stanford Trial,Fraud and false statements,Legal proceedings,Law and order,General news,Crime


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