Stanford’s lawyer told the panel that the CDs sold by the Stanford bank weren’t securities and that Stanford’s clients had no say over how their money was invested.
Robert Scardino, one of Stanford’s court-appointed lawyers called those CD purchasers “sophisticated investors” whom he said “know what a CD was and what it wasn’t.”
They also received promotional materials from Stanford’s business disclosing that past performance was no guarantee of future success and that an investor could lose the entirety of an investment.
Well, it seems Scardino and defense lawyer Ali Fazel should look at these promotional materials from Stanford’s business!
“You’re still pushing that?” Judge Hittner responded incredulously when he heard from the defense lawyers that Mr. Stanford was unable to participate fully in his defense.