Stanford 'not competent' for trial

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Two psychiatrists have claimed R Allen Stanford is not mentally competent to stand trial

Two psychiatrists have told a US federal judge that former Texas billionaire and financier R Allen Stanford is not mentally competent to stand trial accused of cheating investors out of seven billion dollars (£4.5bn) in a Ponzi scam.

The psychiatrists testified about their conclusions during a hearing to decide whether to postpone the start date of Stanford’s trial from January 24.

Stanford’s lawyers told Houston federal court that their client was not able to assist them because he suffers from depression and a brain injury.

Prosecutors suggested the financier might be faking mental illness.

The jailed financier’s attorneys are asking for at least a two-year delay. Prosecutors are prepared to postpone proceedings but argue that two years is unreasonable.

Stanford denies any wrongdoing.

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