Stanford Super Series owner’s fraud trial postponed to September
The cricket organizer and financier, http://www.senore.com/Cricket/Allen-c43742 Stanford, will stand trial in September instead of June due to his illness.
An American court has postponed the trial after finding the culprit suffering from bouts of delirium and mental depression. Stanford’s financial institute is accused of fraud in the $7 billion Ponzi scheme.
Stanford has already been acquitted in more than a dozen cases of embezzlement, money laundering and obstruction. The analysts suggest that if he is found guilty this time, he is likely to get life imprisonment.
In a bid to promote cricket in a new way, http://www.senore.com/Cricket/West-Indies-c760. The first edition of the competition was held in 2006.
There was a prize money in the tournament on the basis of winner-take-all. Under this policy, the winning team was to carry away all money while the losing side got nothing. The prize money included $20 million.
This new trend in cricket got much popularity and it stunned the big cricket pundits of the world.
The Standford Super Series was held under the aegis of http://www.senore.com/Cricket/England-c56013 and Wales Cricket Board and Team England also participated in the tournament.
Just after the first edition, Stanford came under fire for fraud chargers and the ECB terminated its contract with Super Series that collapsed forever.
The Stanford financial firm introduced a Ponzi Scheme in 2009. But the Stanford offshore bank was found selling bogus certificates of deposit. As a result, the Security and Exchange Commission of America sued Stanford.
The case is still undecided as Stanford has been under treatment in US prison hospital. Due to powerful anti-anxiety medication, Stanford is suffering from mental problems. The cricket mogul is also suffering from a brain injury.
The 61-year-old has badly failed in both of his schemes, Super League and Ponzi Scheme. The doctors suggest that he may not be able to retain his senses and stand for trial even in September.
If he dies or gets disable, the court is authorize to seize his assets in a bid to compensate those defrauded.
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