Jury hears opening statements in Stanford trial

R. Allen Stanford built his financial empire on lies to investors reinforced with fraudulent arithmetic, a federal prosecutor told jurors Tuesday as the government began presenting its case against the financier accused of running a $7 billion swindle, reports The Houston Chronicle “He told them lie after lie after lie,” Assistant U.S. Attorney Gregg Costa told the jury. “He stole from them so he could live the lavish lifestyle of a billionaire.” Costa said prosecutors will prove that Stanford lied to investors on two fronts: that their investments were safe and that their money would be handled by experienced managers who would pick conservative investments from around the globe. In his 35-minute opening statement Tuesday, defense attorney Robert Scardino introduced the defense team and offered a primer on “beyond a reasonable doubt”—the burden of proof for conviction in a criminal case. He said he would show that everything Stanford did was legitimate. “For 22 years he paid every penny that was promised,” Scardino said. Stanford, wearing a gray suit, white shirt and no tie, watched with a pensive expression as his lawyer told jurors the government’s case relied on demonizing the company’s promotional materials, which Scardino said were comparable to those of other financial services firms. Get the full story here.