HOUSTON (AP) — A former employee for Texas financier R. Allen Stanford says a farm hand and a preacher were among unqualified workers hired as financial analysts in one of Stanford’s offices.
Mark Collinsworth had worked in Stanford’s office in Memphis and testified for the prosecution in Stanford’s ongoing fraud trial Monday.
But Collinsworth’s statements seemed to support defense claims that Stanford’s right hand man was behind the fraud that led to the bilking of more than $7 billion from investors in a massive Ponzi scheme.
Collinsworth told jurors Stanford wasn’t aware of the bad hires that had been made by James Davis and another individual.
Davis has pleaded guilty in the case and is expected to testify for prosecutors later this week.