New York (HedgeCo.net) – The Texas financier who is being held without bail awaiting trial on charges of an $8 billion fraud scheme, was reported to have been beaten up in prison for talking on the phone.
Stanford was connected to a fund of hedge funds run by two members of U.S. Vice President Joe Biden’s family, Paradigm Global Advisors.
“Stanford suffered fractures to his eye socket, cheek bones and severe bruising to his body.” the Mail Online reported today, “He has lost all feeling in the right side of his face. No one has been punished for the attack and he spent three weeks in solitary confinement before being moved to another prison.”
The FBI raided three of Stanford’s offices in Houston, Memphis, and Tupelo, Mississippi. On February 27, 2009, the SEC amended its complaint to describe the alleged fraud as a “massive Ponzi scheme”. He was arrested by the FBI on June 18, 2009.
The criminal trial is scheduled to begin on Jan. 24, 2011.
Alex Akesson
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