Testimony continues in trial of R. Allen Stanford

January 31, 2012 11:41:05 AM PST
Jurors in the fraud trial of R. Allen Stanford heard Tuesday from a financial regulator from Antigua.

Stanford is accused of ripping off investors for more than $7 billion. On the stand today was Marian Althea Crick, the financial regulator from Antigua. She's in charge of the commission that regulated Stanford's bank. In her position, she is able to license corporations.

There was a lawsuit in 1990 relating to whether Guardian International, which was the name of Stanford Financial at the time, had its license revoked and the subsequent relationship between Stanford and his offshore banking activity, which included moving his assets from Montserrat to Antigua. Attorneys are combing through the judge's opinion from the suit as background.

They are setting the stage on who Stanford is as a financier and how does he does business.

Later this week, you can expect to hear from Stanford's ex-chief financial officer, James Davis. He pleaded guilty to charges related to Stanford's current fraud case.

There are three other ex-executives who pleaded not guilty. They are set to be tried in June.

Stanford is also facing 100 civil lawsuits.

This trial is moving slowly, it is slated to last between 6 to 8 weeks. The jury was seated about a week ago.