Stanford pleads not guilty

Disgraced Texan financier, Allen Stanford, has pleaded not guilty to 14 counts of fraud and money laundering.



Stanford is accused of defrauding investors of more than US$7 billion in a Ponzi scheme through his bank in the Caribbean island of Antigua nearly three years ago.



In his opening statement at the trial yesterday Gregg Costa, an assistant United States attorney, told the jurors that some people trusted Stanford with their entire life savings.



However, the 61-year-old’s defence team said its client never intended to defraud anyone.



Meanwhile, Standford’s attorneys said they expect him to testify during the trial that Justice David Hittner said could last up to six weeks.



If he is convicted, Stanford could be sentenced to up to 20 years in prison.