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Stanford set for 2011 trial

Published on 18 Dec 2009 under category: legal

Allen Stanford's fraud trial will begin in January 2011.

The Texan billionaire is accused of being behind a $7 billion (£4.3 billion) Ponzi scheme.

A federal court is Houston will be the venue for the legal action against Mr Stanford.

The news comes despite his legal team urging for the case to be put back further, requesting that the trial not start before the summer of 2011.

However, district judge David Hittner ruled that proceedings will get under way in January 2011.

Mr Stanford has been denied bail until the time of his trial after being judged to be a flight risk.

The 59-year-old is facing 21 charges, including fraud and conspiracy.

Earlier this year, Bernard Madoff was given a 150-year jail term for his involvement in a multibillion dollar Ponzi scheme.

The 71-year-old was given the maximum possible sentence after pleading guilty to 11 counts, including fraud and perjury.

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