Business

Stanford’s Cold Cuts Trial Short For Second Day In A Row

The trial of Houston financier R. Allen Stanford adjourned early for the second day in a row.

Stanford was coughing steadily throughout the day. Judge David Hittner called a recess around 3 pm, then adjourned for the day half an hour later.

Before the early recess, the defense was able to squeeze in two witnesses and start on a third. All worked for the Marcum LLP accounting firm. The first, John Mezzanotte, testified on a feasibility study he’d done regarding the development of an island off Antigua’s coast as a high-end resort. The defense says this undercuts the government’s claim that the resort was itself part of a plan to defraud investors.

A second witness, Michael Callahan, said Stanford brokers collected only a 3% commission on sales of certificates of deposit from Stanford International Bank. He said that was well within what broker-dealers considered normal and should not be seen as an excessive reward for selling CDs.

The defense had just begun hearing testimony from CPA Morris Hollander when Judge Hittner called a halt to proceedings. Hollander returns to the stand this morning.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas delegations in the U.S. House and Senate, as well as the Texas governorship, the state legislature, and county and city governments. Before taking up his current post, Andrew...

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