Prosecutor:Stanford Execs Shredded Documents to Thwart Ponzi Scheme Investigation

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A federal prosecutor says two former Stanford Financial Group employees in Florida knew it was wrong to shred thousands of the firm's documents but did it to thwart a Ponzi scheme investigation.

Prosecutor Jack Patrick urged a jury Wednesday to convict former Stanford employees Thomas Raffanello and Bruce Perraud. They are charged with conspiracy and obstruction of a Securities and Exchange Commission probe by destroying records at Stanford's office in Fort Lauderdale.

Defense attorneys will give closing arguments later Wednesday.

Before joining Stanford, Raffanello was longtime chief of Miami's Drug Enforcement Administration office.

Stanford is awaiting trial in Houston on charges of operating a $7 billion Ponzi scheme.