Allen Stanford criminal trial set for September

SAN FRANCISCO Tue May 10, 2011 8:03pm EDT

Allen Stanford exits a van upon arriving at federal court for a hearing before U.S. District Judge Nancy Atlas in Houston in this August 24, 2010 file photo. REUTERS/Richard Carson

Allen Stanford exits a van upon arriving at federal court for a hearing before U.S. District Judge Nancy Atlas in Houston in this August 24, 2010 file photo.

Credit: Reuters/Richard Carson

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SAN FRANCISCO (Reuters) - Allen Stanford, the Texas financier accused of running a $7 billion Ponzi scheme, has been scheduled to go to trial this September, according to court records.

Prosecutors accuse Stanford of defrauding investors who bought bogus certificates of deposit issued by his Antigua-based Stanford International Bank Ltd.

They have said the one-time billionaire used proceeds in part to fund other ventures and a lavish lifestyle that included several yachts and private jets and homes around the world.

In January, U.S. District Judge David Hittner ruled Stanford incompetent to stand trial.

Stanford has been treated at a hospital in the Butner Federal Correctional Complex in North Carolina to treat an addiction to an anti-anxiety medication he developed while in jail.

However, on Tuesday, Hittner scheduled jury selection for September 12, court records show. Stanford attorney Ali Fazel could not immediately be reached, although last week he again described his client as "incompetent."

A U.S. Justice Department representative declined to comment, citing a gag order in the case.

The case is U.S. v. Stanford, U.S. District Court, Southern District of Texas, No. 09-00342.

(Reporting by Dan Levine; editing by Andre Grenon)

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