Stanford trial heads into closing arguments today

Closing arguments are to begin this morning in the federal trial of R. Allen Stanford, who opted not to testify on his own behalf before the defense rested its case on Monday, The Houston Chronicle reports. The trial, which has been ongoing for six weeks, has featured a varied list of government lawyers and witnesses who claim the 61-year-old ran a $7 billion swindle through his Antigua bank, which sold certificates of deposit offering a higher interest rate than U.S. banks. An FBI agent who traced Stanford International Bank’s money told jurors two-thirds of the bank deposits went to Stanford’s other companies and his lavish lifestyle. But defense witnesses, including Stanford’s tax attorney, claim the bank was legitimate and would be solvent today had the government not shut it down on Feb. 17, 2009. That same year, Stanford was arrested and eventually charged with 14 counts, including mail and wire fraud. He faces more than 20 years in prison if convicted. Closing arguments are expected to take four hours. Another hour will be spent instructing the jury before deliberations begin.