#Stanfordtrial Expectation is today will be last day of prosecution testimony. Witness on stand is FBI Special Agent Robert "Bobby" Martin.
#Stanfordtrial Defense and prosecution debating admissibility of Agent Martin's testimony. Jury not yet in court.
#Stanfordtrial Judge David Hittner rules Agent Hittner's testimony is admissible. "I'm not going to throw him off the stand."
#Stanfordtrial Defense Atty Robert Scardino objects to depiction of Stanford in yesterday's Chron. Asks for strong jury instruction to avoid media coverage.
#Stanfordtrial Jury called in. Trial resumes.
#Stanfordtrial Agent Martin testifying to analysis of Stanford Int'l Bank accounts, comparing internal with publicly available information.
#Stanfordtrial For 2008, 92% of SIB reported assets were neither in cash nor under management by worldwide money managers.
#Stanfordtrial Publicly stated SIB assets for 2008: $8.5 Billion.
#Stanfordtrial In video clip from Oct. 2008. Stanford claims SIB is $5.5 B more liquid than company should be in a normal environment.
Stanford [in video clip, Oct. 2008]: We are better positioned than we have ever been to grow our business. We're probably better off by $5.5 billion in cash than we should be in a normal environment. (Martin's analysis is that this was incorrect, that there was only $900M in cash available).
#Stanfordtrial Martin says actual amount Stanford had in cash in Oct. 2008, $900 million.
#Stanfordtrial In video clip from Oct. 2008, Stanford claims SIB is $5.5 billion more liquid, in cash, than company should be.
#Stanfordtrial Judge calls 10 min break to talk to attys re admissibility of evidence to which Martin is testifying.
Lanny Breuer, Assistant Attorney Gen, Justice Dept's criminal division, in court. Conferring with prosecution team. #Stanfordtrial
Jury returns. Trial resumes. #Stanfordtrial
Agent Martin: Stanford Venture Capital (owned by Stanford, not bank), SIB cash and SIB investments fell short of SIB stated assets by 82%, Oct. 2008 #Stanfordtrial
Agent Martin: By Oct. 2008, "the hole" (SIB's stated assets minus actual assets) = $7.05 Billion #Stanfordtrial
Martin: By end of 2008, loans from SIB to Stanford > $2 B. #Stanfordtrial
Martin: By end of 2008, Stanford-owned companies other than SIB had lost $711 Million. #Stanfordtrial
Prosecution and defense debating admissibility of evidence re: losses of Stanford-owned companies. #Stanfordtrial
Judge ultimately sustains objection to use of internal Stanford company "redbooks" tracking such losses #Stanfordtrial
Very few Stanford-owned companies in any given year. One exception: Bank of Antigua. #Stanfordtrial
Video (April 2009): Stanford, “We had a group of global, solid, solvent great companies, who employed the best people in the world, who were like my family. All I can tell you is that Allen Stanford has run no Ponzi scheme."
Tracks transfer of funds from SIB to Stanford Financial Group acct in Houston, then to Stanford Eagle #Stanfordtrial
Amount transferred to Stanford Eagle, $1.05 million. Stanford Eagle: holding company for Stanford's yachts. #Stanfordtrial
Martin: Stanford's annual salary, according to checks, wire transfers, bank and corp records, $4-5 million. #Stanfordtrial
Martin testifies $262 Million transferred from SIB to Stanford's private Swiss account, 6/2000-9/2008. #Stanfordtrial
Martin: $80 Million of that $262 Million transferred from Swiss bank to 3 Stanford accounts in Houston & Miami #Stanfordtrial
Martin: $95 Million of that $262 M used to repay personal loan to Stanford from Swiss bank (SocGen) #Stanfordtrial
Martin: Stated purpose of $95M loan was to buy a Venezuelan bank. Only part of loan used for that purpose. #Stanfordtrial
Martin $23 M of the $95M loan went to Stanford's personal accounts in Bank of Antigua, Mellon & Sterling. #Stanfordtrial
Trial breaks for lunch. Set to resume @ 2:15 #Stanfordtrial
Trial resumes #Stanfordtrial
Martin testifies $85 million transferred from Stanford's Swiss acct to Stanford-owned companies. #Stanfordtrial
Of this, $48M transferred to Stanford Financial Group, $18M to Bank of Antigua, $15M to Stanford Group Suisse #Stanfordtrial
$6M of the $18M transferred to Bank of Antigua tranferred to Stanford's personal account in Bank of Antigua #Stanfordtrial
Of the total $262M transferred from SIB to Stanford's Swiss acct, only $4.5M paid back to SIB. #Stanfordtrial
Mitchell traced $13M out of the $85M as ultimately being transferred from the Swiss acct to Stanford’s personal accounts. #Stanfordtrial
Available bank records show Stanford paid SIB auditor CAS Hewlett $4.6 M from 2001 to 2009. #Stanfordtrial
Of the $4.6 M, $2.2 M came from Stanford Financial Group acct, $3.4 M from Swiss acct. Latter not listed in SFG's books. #Stanfordtrial
Total amount taken out of Swiss acct: $286M. Includes $262 from SIB, plus interest earned and transfers from Bank of Antigua #Stanfordtrial
SIB CD money diverted to Stanford personal accounts via Swiss bank, $116 M. #Stanfordtrial
Martin testifies that Stanford spent the $116 M. #Stanfordtrial
Transfers from Stanford's personal acct in Bank of Antigua to Antiguan Labour Party, then ruling party 2004 = $750,000 #Stanfordtrial
Martin identifies Bank of Antigua account as one of recipients of funds from Stanford's Swiss bank acct #Stanfordtrial
Martin testifies over $1M transferred from Swiss acct to Stanford's friends, family members via Stanford's Mellon acct #Stanfordtrial
Martin testifies to $1.1M in transfers from SIB to Bellagio hotel & casino in Vegas, via Stanford's private bank accts #Stanfordtrial
Government passes witness to defense. Judge calls 15 min break. #Stanfordtrial
Agent Martin now on cross-examination by defense attorney Ali Fazel #Stanfordtrial
Fazel questioning Martin on Stanford financial documents he consulted to prepare for trial #Stanfordtrial