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Ponzi Schemer Allen Stanford Checks into Hospital as His Right-Hand Man Pleads Guilty

Categories: News
It's been an all-around terrible week for Sir R. Allen Stanford, the mastermind of an $8 billion Ponzi scheme run out of a lush downtown Miami office. (Here's our feature about the Miami players in his criminal empire, if you haven't read it.)

Thumbnail image for AllenStanford.jpg
via Liz Lomax 3D Illustrations for Texas Monthly
First came word this morning that James Davis -- Stanford's right-hand man, CFO, and the most famous dude in Baldwyn, Mississippi -- will enter a guilty plea in Houston court for his role in the fraud.

Sir Allen did not take the news well. He checked into a Houston-area hospital this morning with a high pulse rate, according to the AP.

As if the combo of your best friend turning against you and a heart attack aren't bad enough, the double-whammy comes on the heels of two other spectacularly embarassing losses for the once financial giant.

Stanford, who used to rule the tiny Caribbean island of Antigua like a cross between William Randolph Hearst and Ron Burgundy, was scheduled to appear in court later today to ask for court assistance in finding a new attorney.

The former billionaire, it seems, now has no cash to pay for his lawyers.

To top it off, on Monday, a federal appeals court ruled Stanford must stay in jail despite complaints that the case against him lacks merit and that his prison lacks air conditioning.

Quite a fall for a guy who bought a Coral Gables castle complete with moat for one of his mistresses just a couple of years ago. On the upside, Stanford has gone a couple of months without threatening to punch any reporters or cameramen.


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