Day Two Of Stanford Trial

UPDATE as of 1/24, 5:00pm: Opening statements are in the books in the trial of former Texas financier R. Allen Stanford.

Opening statements are in the books in the trial of former Texas financier R. Allen Stanford.

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1/24/2012, 11:07 am

Jury selection in the R. Allen Stanford trial is resuming this hour in a downtown federal courtroom.

U.S. District Judge David Hitner is expected to call back more jurors from the pool of 80 that showed up for duty yesterday.

Attorneys from both sides will start the strike process and should narrow the pool down to 15 later today. Opening statements could start later this afternoon.

Stanford is accused in a huge Ponzi scheme that cheated investors out of billions of dollars. Stanford has claimed the transactions were legitimate. His attorneys say he didn't do anything wrong.

Stanford Financial was headquartered in the Galleria area. The trial could take about six weeks.

1/24/2012, 5:00 am

Jury selection continues in the trial of R. Allen Stanford at Houston's federal courthouse.

Judge David Hittner interviewed eighty prospective jurors for Stanford’s trial. He then called roughly half of them aside to speak with them privately, in order to determine whether the potential jurors could decide the case impartially. The remainder of the jurors were told to report back to the courtroom by 11 this morning.

The judge announced that he’ll be empanelling a total of fourteen jurors, rather than the usual twelve. That’s with the agreement of both the government and defense attorneys. At the end of the trial, just before the jurors go to deliberation, two of the fourteen will be selected at random to be the alternates.

Stanford faces fourteen criminal counts. The charges include mail and wire fraud, conspiracy to commit fraud and money laundering, and obstruction of justice. The trial is expected to take roughly six weeks.

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Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...