Psychiatrists say financier not competent for trial

HOUSTON (AP) — Two psychiatrists tell a federal judge that former Texas billionaire and financier R. Allen Stanford in not mentally competent to stand trial on charges he bilked investors out of $7 billion in a Ponzi scheme.

The psychiatrists testified about their conclusions during a hearing today in Houston federal court on whether to postpone the Jan. 24 start of Stanford’s trial.

Stanford’s attorneys say their client is not able to assist them because he suffers from depression and a brain injury. Prosecutors suggest the financier might be faking mental illness.

The jailed financier’s attorneys are asking for at least a two-year delay. Prosecutors are open to a delay but argue two years is unreasonable.

Stanford has denied any wrongdoing in the case.