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Ex-worker was concerned about origins of millions Texas financier Stanford spent on projects
HOUSTON (AP) ' A former employee for Texas tycoon R. Allen Stanford tells jurors the financier spent millions of dollars to develop property and businesses on the Caribbean island nation of Antigua.
Arnold Knoche (kuh-naw-KEE') who worked in Stanford's real estate development company, testified Tuesday at the financier's fraud trial in Houston.
Knoche said he became concerned about where the money for these construction projects came from. He said Stanford spent money on such things as removing hardwood floors from his bank building because he thought they were not the right shade.
Prosecutors allege Stanford used money from depositors who bought certificates of deposit from his bank in Antigua to pay for such projects and for his billionaire lifestyle.
Stanford's attorneys contend he was a savvy businessman whose financial empire was legitimate.