In closing arguments today, federal prosecutor Jack Patrick said two senior Stanford Financial Group employees knew that it was wrong to shred thousands of documents, but did so to cover up a massive Ponzi scheme. The Miami Herald reports that the prosecutor said Stanford security chief, Thomas Raffanello, and technology officer, Bruce Perraud, knew that the SEC had obtained a court order to preserve all documents when they decided to have them shredded.
According to the Miami Herald, defense counsel is also scheduled to give closing arguments today. They have previously argued that there were duplicate electronic copies of all shredded documents and that the executives were following the company’s shredding policy. Jurors are expected to begin deliberations on Wednesday or Thursday.
