Packed court for start of Stanford trial Allen Stanford told investors "lie after lie" so he could use their money to fund the "lavish lifestyle" of a billionaire as part of a $7bn Ponzi scheme, a US prosecutor said as the trial of the Texas businessman began on Tuesday. Gregg Costa, an assistant US attorney, told the jury of 10 men and five women, Mr Stanford was "lying, stealing and bribing" so he could take people's money "and the dreams they had with them." Instead of using money placed in certificates of deposit to invest in easy-to-sell assets like stocks, Mr Stanford allegedly ran separate businesses, including cricket tournaments that paid purses exceeding $1m, $2bn directed to companies overseeing his personal yachts and an aeroplanes business. Robert Scardino, a lawyer for Mr Stanford, painted a different picture, saying his client was a "Texas boy" who didn't lie to investors because the bank could use the money as it wanted. The disclosures to investors were "not in the least bit misleading." The Stanford empire "was real" and "did pay every penny of what was owed to depositors for 22 years." He told the jury investors only stopped getting paid in 2009 when a court-appointed receiver took over the business after Mr Stanford was sued by the Securities and Exchange Commission for alleged fraud. It was a legitimate business. The SEC seized everything," Mr Scardino said. The opening statements came after a 12-member jury plus three alternates were sworn in. Before the lawyers laid out their positions, the jury heard from Mr Stanford, who wore a grey suit and white shirt. In a loud voice with a Texan twang, Mr Stanford emphasised each word when he said, "I plead not guilty to every count." Mr Stanford has been held in custody since his 2009 arrest. He has been charged with 14 counts of fraud, conspiracy and obstruction and faces more than 20 years in prison if found guilty. Mr Stanford's lawyer told the jury, "You'll hear from Allen Stanford himself," who, he said, would tell them about his dreams for the bank, what he tried to accomplish with his businesses in Antigua, and his cricket empire. The pledge comes as an about-face after claims made last month by Mr Stanford's lawyers, who asked the judge to find Mr Stanford incompetent. They said a prison assault wiped out his memory before 2009. The lawyers addressed the jury in a courtroom packed with journalists and lawyers from around the globe, which caused the temperatures to rise. Mr Costa, the prosecutor, said Mr Stanford paid brokers big commissions to attract investor money and to maintain it. He said only "a sliver" of the money was invested as promised. The rest was cycled through Swiss bank accounts to pay $3m bribes to an Antiguan accountant and cash and other bribes to the head of the Antiguan regulatory authority, Leroy King. Mr King was indicted on conspiracy and obstruction charges and has denied wrongdoing. The auditor is deceased. Prosecutors said the jury would hear from James Davis, Mr Stanford's college roommate at Baylor University, someone "loyal" Mr Stanford recruited to help him continue his fraud. Mr Davis has pleaded guilty. Mr Stanford's lawyer attacked Mr Davis as a liar and someone who stole from Mr Stanford. Mr Scardino also said Mr Stanford relied on experts like lawyers and accountants, a hint that he may argue that others signed off on disclosures made to investors Mr Scardino said the government's theory that the case was a simple fraud was wrong and promised to present accountants and financial experts to explain the business investments. He said the government got simple things wrong, such as making claims about certain affiliates he said did not exist. He said the CDs were sold only to sophisticated investors who knew the risks of investing. He said investors could not tell banks how to invest their money. Prosecutors, he said interpreted that as not investing the way investors were told and was a fraud. "It was not," Mr Scardino said. Mr Scardino also told the jury that his client was not guilty. In 2008 when economy in the tank he still paid what was promised to be paid. He didn't take the money and run. Talk about a Swiss bank account.... " Mr Scardino said, "It would have been an easy decision" to flee. He also said prosecutors were giving the jury only "a snapshot" of Mr Stanford's business interests because they didn't have the full picture because they lacked access to documents that were located offshore. Mr Costa, the prosecutor, said in addition to Mr Davis, the jury would hear first hand from former Stanford brokers, an internal Stanford accountant, and victims.