Stanford Sentence Expected to Stand

Chidem Kurdas

Allen Stanford has until March 18, 2014, to make the first move on his appeal of the 110-year sentence he received last year. He is representing himself, having asked to be relieved of his latest court-appointed attorney and been granted his wish.

Earlier this year he was ordered to pay $6.7 billion in a civil case against him by the Securities and Exchange Commission, but that’s a mere legal formality. The ambitious fraudster is an indigent prisoner.

In the past, when he was flush with – other people’s – money, he used to surround himself with expensive former regulators and other lawyers.

But no more. The Texas court system spent millions of dollars on his defense. It is just as well that he is now acting as his own (amateur) lawyer rather than wasting even more taxpayer money. This is a man who did everything possible not to pay taxes.

Does he have a chance with the appeal? Not even a remote one, if you listen to lawyers. Appeals are won on procedural points that require legal expertise to identify. Stanford has never been one to notice the fine points of the law. It would be astounding if he started to do so at age 63, after a life of boozing.

But he will no doubt concoct some argument for why he should be set free.

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One Response to “Stanford Sentence Expected to Stand”

  1. Lesson from Stanford DIY Appeal | HedgeFundSmarts Says:

    […] Note to those with DIY ambitions: this is a system in effect rigged against such projects. However, lawyers were happy to let Stanford go alone because he is by all reports a pain to work with. He now faces a mid-September deadline for filing a brief. The appeal was given a very low chance of success at the outset.  […]

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