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Allen Stanford Is Competent to Stand Trial: Judge

A judge said jailed Texas financier R. Allen Stanford is mentally competent to stand trial.

Allen Stanford
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Allen Stanford

U.S. District Judge David Hittner announced his ruling Thursday after a nearly three-day competency hearing in Houston federal court for the disgraced financier.

Stanford is accused of bilking investors out of $7 billion in a massive Ponzi scheme. His trial is set for Jan. 23.

Stanford had been declared incompetent in January due to an anti-anxiety drug addiction he developed while jailed in Houston and was treated for eight months at a federal prison hospital in North Carolina.

Prison hospital officials said Stanford is competent for trial.

However, medical experts who testified for Stanford said a brain injury the financier suffered in a jail fight has left him unable to aid his own defense.