A former employee of Texas billionaire R. Allen Stanford told the jury that the financier spent millions of dollars in property and construction business in Antigua and Barbuda in the Caribbean.
Arnold Knoche, who worked 16 years in the real estate company in Stanford, testified Tuesday during the trial of financier for fraud in Houston. He stated that his former boss was not limited to spend on a hangar at a private airport, cricket grounds, an athletic club and installation on a pier for your boat. Knoche said he was concerned about the source of money for these projects construction. He said that Stanford spent in works such as marble finishes and removal of the wooden floors of the building from their bank because they felt they were not the right tone. Prosecutors allege that Stanford used the money of savers who bought certificates of deposit to his bank in Antigua, to pay for these projects and to be a billionaire life. Stanford's lawyers consider him a smart businessman, whose financial empire was legitimate. The defense has suggested that James Davis, former chief financial officer, is the real culprit of financial fraud. Prosecutors say Stanford masterminded a scheme in which investors defrauded more than 7,000 million dollars in a massive scheme type " pyramid "focused on the sales of certificates of deposit from your bank in Antigua.
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