Alleged Ponzi Ring Defendants Ask for Trial Delay

Allen Stanford
Allen Stanford

Accused fraudster Allen Stanford and his co-defendants are seeking a delay of their trial, which is currently scheduled to begin on August 25.

Stanford, his former Chief Investment Officer Laura Pendergest-Holt, former accounting executives Gilberto Lopez and Mark Kuhrt, and former Antiguan regulator Leroy King were indicted June 18 in the alleged massive Ponzi scheme.

In a joint motion, the defendants say the case is so complex, involving "hundreds of thousands of documents," that it is "unreasonable to expect adequate preparation" by the August 25 trial date.

The motion does not specify an alternative date, but Stanford's lead attorney, Dick DeGuerin, has said it could take up to a year to prepare for a trial. DeGuerin estimates the trial itself could take six months.

The government does not oppose the delay, but it will be up to the judge in the case, David Hittner, to decide whether to grant it. If he does, however, it could mean more time for Stanford behind bars awaiting trial.

Judge Hittner last month revoked Stanford's bail, declaring him a flight risk. Stanford's attorneys have appealed the ruling, but for now he remains in a federal detention facility 40 miles north of Houston.