A former Stanford Group executive told a jury that one client of R. Allen Stanford’s securities brokerage lost at least $20 million before the business was closed by US regulators.
Jason Green, who led Stanford Group’s private-client group, offered the figure while being cross-examined by the defense on the fifth day of Stanford’s $7 billion CD investor fraud trial in federal court in Houston.
Asked by defense attorney Ali Fazel if anybody had not gotten their money back before Februry, 2009, Green replied, “Yes, one person I know of specifically” was denied $20 million. Green identified the client as Michael Moreno, of Lafayette, La., and Houston.
Stanford, 61, is charged with 14 counts, including mail fraud, wire fraud and obstruction of an SEC probe. He denies the charges.
R. Allen Stanford, Stanford Group, Ali Fazel, Michael Moreno
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