Stanford former advisor files for bankruptcy

A former financial adviser to disgraced financier, Allen Stanford, has filed for Chapter seven bankruptcy protection.



Christopher J. Collier’s petition lists at least US$1. 94 million in liabilities, most of it unsecured, against more than 702 thousand in assets.



Most clients who had trading accounts with Stanford were paid out by the receiver more than a year ago.



Other clients reportedly bought certificates of deposit in an Antiguan bank owned by Stanford that promised impossibly high interest rates.

Those investments turned out to be worthless.



Stanford, 60, is accused of leading a US$7 billion investment fraud scheme.

He has maintained his innocence and is being held in prison awaiting trial due to begin in January next year.