Jury selection started today in federal court in Miami for two former Stanford Financial Group Cos. employees. The two men allegedly conspired to shred business records sought by the U.S. Securities and Exchange Commission when it sued company founder, R. Allen Stanford.
Bloomberg reports that the trial before U.S. District Court Judge Richard W. Goldberg is the first linked to the $7 billion fraud scheme allegedly led by Stanford. Defendant Bruce Perraud, a global security specialist in the Fort Lauderdale, Florida office of Stanford Financial, was indicted in May for allegedly destroying records. Thomas Raffanello was added to the case in a superseding indictment announced in September.