James M Davis, Stanford Financial Group’s ex-finance chief, told jurors that R Allen Stanford was the mastermind and prime beneficiary of what prosecutors

Allen Stanford, accused of running a $7.2 billion Ponzi scheme, yesterday lost his bid for a three-month delay in his criminal fraud trial, clearing the way for jury selection to begin on January 23.

Allen Stanford’s fraud trial has been postponed until he can be weaned off an anti-anxiety drug that has contributed to him being unfit for trial. He will also have to undergo more tests to determine his competency before a new trial date is set.

Lawyers for Allen Stanford, the former billionaire who allegedly cheated investors in his bank in Antigua, want to delay his trial for at least two more years so they can prepare their case.