Jailed Financier Stanford Declared Competent to Stand Trial

A jailed Financier has been found mentally competent to stand trial.

Attorneys for R. Allen Stanford argued that he was not competent due to a brain injury suffered in a fight while in jail. Four medical experts testifying on behalf of Stanford claimed that the brain injury caused severe memory loss, and keeps him from communicating or thinking clearly

Stanford had been declared incompetent in January, after reportedly developing an addiction to an anti-anxiety drug while in prison.

U.S. District Judge David Hittner ruled that Stanford was mentally competent following the competency hearing that lasted almost three days.

The Houston financier is accused of defrauding investors out of more than $7 billion dollars in a ponzi scheme. His trial date is set for January 23^rd.