HOUSTON – Two psychiatrists testified Thursday that former Texas billionaire and financier R. Allen Stanford, who is set to go on trial later this month on charges that he bilked investors out of $7 billion in a Ponzi scheme, is not mentally competent to go forward with his case.

Psychiatrists Victor Scarano and Steven Rosenblatt testified at a hearing in federal court on whether to postpone the Jan. 24 start of Stanford’s trial. They told U.S. District Judge David Hittner that Stanford suffers from major depression and is being overmedicated with anti-depressants and anti-anxiety medicines. They said the medication and a brain injury that Stanford suffered during a jail fight in September 2009 cause drowsiness and unclear thinking that make him incompetent to stand trial.

“In no way is he able to work in a rational manner to assist his counsel,” said Scarano, who was hired by the defense. Rosenblatt, who had been hired by prosecutors to evaluate Stanford, agreed with this conclusion.

Prosecutors suggested the financier might be faking mental illness as a way to get out of jail pending his trial. Stanford has been jailed since his June 2009 indictment and has unsuccessfully tried numerous times to be freed on bond.

The jailed financier’s attorneys are asking for at least a two-year delay. Prosecutors are open to a delay, but argue two years is unreasonable.