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.


Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined News 88.7 in January 2011. Since arriving in Houston, he has reported on the many changes wrought on the region’s economy by the revolution in domestic oil and gas production. His non-energy reporting runs the gamut from white-collar crime to cattle ranching. His work has aired on...

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