Allen Stanford to Undergo Examination by Psychiatrist

Accused Ponzi schemer Allen Stanford, whose attorney says he is unfit to stand trial on allegations of fraud, will be examined by a government psychiatrist.

Federal prosecutors asked for the examination after the court-appointed defense attorney argued that Stanford is too heavily medicated to assist in his own defense at a trial set for next month, CNBC reported.

The results of the examination will be filed with the court under deal. U.S. District Judge David Hittner has yet to rule on defense motions to release Stanford on bail and schedule a competency hearing.

Stanford faces 21 criminal charges accusing him of running a $7 billion Ponzi scheme. He has pleaded not guilty.