The first criminal trial in the Stanford Financial Group fraud is under way, and it ain't pretty for the local branch. In opening remarks of a trial that began Monday in Miami, prosecutors told the jury that Thomas Raffanello and Bruce Perraud ordered a massive shredding of Stanford documents one week after the Securities and Exchange Commission filed suit against the Houston-based firm.
The February 16 suit contained an order forbidding the destruction of any documents.
By Feb. 23, Raffanello and Perraud allegedly had made arrangements for a commercial shredding company to destroy documents at the Fort Lauderdale office. A 95-gallon bin full of paper was hauled out to the shredding company's truck two days later, prosecutors said in a revamped four-count indictment filed Dec. 21.
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That comes from this Bloomberg article about the case. Defense attorneys for Raffanello and Perraud maintain that the shredding was routine and that the order prohibiting document disposal was flawed.