Thursday, January 26, 2012

Ex-Stanford employee tells jurors he saw problems

HOUSTON (AP) — One of Texas financier R. Allen Stanford's former employees tells jurors he believes he saw Stanford make up accounting figures used in an annual report to woo investors.
Leo Mejia ran an advertising agency owned by Stanford. Mejia testified Wednesday at the financier's fraud trial in Houston.
Mejia said he saw Stanford and his chief financial officer make various faulty changes to figures related to the bank's finances just before they were approved for an annual report for Stanford's bank.
Federal prosecutors contend Stanford used money investors deposited in his Caribbean bank to fund his businesses and lavish billionaire lifestyle.
Stanford's attorneys say his businesses were legitimate.
Stanford is charged with 14 counts, including mail and wire fraud. He could face up to 20 years if convicted.
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