According to R. Allen Stanford’s lawyer, the man accused of orchestrating a massive $7 billion Ponzi scheme is still in the hospital undergoing tests related to a rapid heartbeat. The 59-year-old Texan has been held in custody since mid-June and was released to head to the hospital when his heart rate shot up to 300 beats per minute.
 
Today marks Stanford’s third day of hospitalization due to, as his lawyer claims, the prison not allowing Stanford, who suffers from high blood pressure, access to the medication he requires. He will undergo a test that will measure blood flow into his heart.
 
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It is the kind of news that investors all around the world dread: Allen Stanford, founder and chairman of the Stanford Group, an entity that took in billions of dollars worth of private investments, has been charged with fraud. His investors, including some outside of the United States, have started referring to him as a scam artist on the level of Bernie Madoff.
 
Stanford’s business had been in sharp decline since February, when regulators started accusing him of perpetrating massive fraud, but now that he has been indicted on fraud, conspiracy, and obstruction charges, Stanford faces significant legal punishment. Those who …read more