Stanford Declared Broke but Gets Lawyers

According to reports, Stanford, who spent millions of dollars in the Caribbean promoting and organising cricket, was officially declared indigent in Federal District Court in Houston.

Hittner, dismissed Stanford’s criminal defence lawyer, Robert Bennett, and appointed two new and far-cheaper lawyers.

Earlier this month, Stanford lost his bid to force Lloyd’s of London to continue paying his legal bills under a US$100 million policy. So far, the policy has paid out more than US$8.2 million.

At the same time of that ruling, Bennett said that he had hoped the government would continue paying at least as much of the legal fees as the insurance policy would have covered.

Bennett had been charging as much as US$1,000 an hour to defend Stanford, but the governments going rate, is only US$125 an hour. Yesterday, Bennett asked to withdraw from the case.

He was replaced by two Houston lawyers, Ali Faze and Robert Scardino.

Stanford has already gone through five sets of lawyers, including the public defender in Houston, since he was first accused in February 2009, of running a huge Ponzi scheme.

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