Barry Pollack Quoted in Bloomberg Regarding Stanford Trial

"Stanford's Trial to Begin as Indigent Ex-Billionaire Claiming Memory Loss"
Bloomberg
01.23.12

Barry Pollack comments on the trial of R. Allen Stanford, who is charged with running a $7 billion investment fraud and who having been the victim of an assault claims he cannot remember much of his life or details of his business empire. "In a complex financial fraud case, it's almost impossible for defense counsel with even substantial resources to put on a good defense without the active participation of their client," said Pollack. "His attorneys are hamstrung without his help."

Even if Stanford is acquitted, he will still likely lose his wealth. "The asset liquidation is all happening outside of the criminal process and would have happened without the criminal charges," Pollack said, comparing Stanford International Bank to a business in involuntary bankruptcy. If Stanford is acquitted in the criminal case, he will gain little advantage in fighting the U.S. Securities and Exchange Commission's allegations because of the lower burden of proof in civil cases, Pollack said. "It's not uncommon that someone can be acquitted criminally and still be found civilly liable," he said. "A jury can say, we're not 98 percent sure you committed fraud, but we're at least 51 percent sure you did."

Related Files
Related Links