Attorneys for R. Allen Stanford asked to delay a trial starting Jan. 24 at least two years

Attorneys for R. Allen Stanford, the Texas financier accused of a Ponzi scheme of $ 7,000,000,000, asked to delay a trial starting Jan. 24 at least two years so they can prepare their defense.

Stanford trial preparation suffered during the first nine months of this year due to his prior counsel "focused on trying to obtain funds from the insurance company, a defense rather than financial," said the lawyer, Ali Fazel and Richard Scardino, yesterday in a court filing. "During this period, the defendant found that little progress was made towards the preparation of the actual trial."

Fazel and Scardino were appointed as counsel for Stanford, in October, after U.S. District Judge David Hittner in Houston said the billionaire former homeless. Hittner told in October that they would try to be ready for a January trial, which was then about 90 days away.

When requesting a delay of yesterday, the lawyers said they did not have enough time to properly analyze more than 5 million documents and dozens of potential witnesses before the trial date today.

Stanford, 60, has been detained as a flight risk since June 2009, accused of defrauding investors by selling fake certificates of deposit by Antigua-based Stanford International Bank Ltd. His lawyers have also asked Stanford to be released bail, saying it was too medicated in prison to participate in his defense.

Mental Fitness

Stanford medical staff declared him fit to be tried in court papers this month, and their lawyers have requested a hearing to evaluate the mental fitness of the financier, court documents said. Prosecutors received court approval to conduct their own psychiatric evaluation at Stanford, according to court documents.

Fazel, said at the presentation yesterday that the government, while not opposed to a delay, "wants to be heard in the length of stay."

Laura Sweeney, Justice Department spokesman, declined comment.

Stanford, who denies any irregularities, is in his fifth team of criminal defense attorneys after losing a legal battle over access to $ 100 million to cover legal expenses insurance through his Stanford Financial Group, the companies.

Stanford fired two successive criminal defense lawyers in 2009 following an experience what they described as the personality and strategic conflicts with jailed financier. Stanford was also briefly represented by the Federal Public Defender's Office of Houston and two lawyers who were allowed to withdraw from the case after Stanford lost its insurance coverage in September.

Jets, yachts, island

Stanford was ranked by Forbes magazine as one of the richest men in the world in 2008, with an estimated net worth of over $ 2 billion, including a fleet of aircraft, yachts and a private Caribbean island. All corporate and personal assets were frozen by court order when the U.S. Securities And Exchange Commission accused him of running a "massive" Ponzi scheme in February 2009.

The criminal is U.S. against Stanford, 09-cr-00342, USA District Court, Southern District of Texas (Houston). For SEC Securities and Exchange Commission against Stanford International Bank, 09-cv-00298, USA District Court, Northern District of Texas