Sense on Cents

R. Allen Stanford

Sir R. Allen Stanford, the once proud and domineering master of the Stanford Financial kingdom, has not been having a lot of fun lately. How so?

Aside from the fact that he has been indicted for masterminding a multi-billion dollar Ponzi scheme centered on the Caribbean island of Antigua, his assets are totally frozen affording him no ability to retain legal counsel. As a result, he is being represented by a public defender. To add insult to injury, he sits in jail because the judge considers him a flight risk.

Life in jail is no bed of roses for Stanford, who was dubbed a knight in Antigua. What is life like in jail for Stanford? Put ’em up!! Sounds like Stanford took a beating this week. Bloomberg reports, Stanford Gets Medical Treatment After ‘Altercation’ at Texas Jail:

R. Allen Stanford, awaiting trial on charges he swindled investors in a $7 billion scheme, was given medical treatment after getting into a fight with an inmate in a Texas jail, a U.S. marshal said.

“He got into an altercation with another inmate,” Alfredo Perez, a spokesman for the Houston office of the U.S. Marshals Service, said yesterday in a phone interview. “He’s being examined by medical staff and treated for his injuries,” which aren’t life-threatening, Perez said. Perez said the incident happened about 10 a.m. on Sept. 24.

Stanford, who has been in custody since being indicted in June, faces 21 felony charges for allegedly paying investors “improbable if not impossible” returns by taking funds from later investors in certificates of deposit at Antigua-based Stanford International Bank Ltd.

Stanford is obviously entitled to due process. Does he or anybody in jail deserve a beating by a fellow jailbird? No . . . but welcome to the real world, Sir.

LD

This entry was posted on Saturday, September 26th, 2009 at 4:03 PM and is filed under General, Stanford. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.