Stanford guilty of running Ponzi scheme worth $7bn

 
City A.M. Reporter
ALLEN Stanford was convicted yesterday of running a $7bn (£4.5bn) Ponzi scheme, a verdict that caps a riches-to-rags trajectory for the former Texas financier and Caribbean playboy.

Stanford, who created the Stanford 20/20 Cricket tournament, was found guilty on 13 of 14 criminal counts by a US jury, including fraud, conspiracy and obstructing a investigation.

Stanford, who has in jail since his June 2009 arrest, is expected to be sentenced in the next few months, and is considering an appeal.

The charges carry a potential prison sentence of more than 200 years, but Stanford is more likely to face a maximum of about 20 years.

Most of his victims have received none of the money back they invested in his certificates of deposit. Stanford’s personal fortune was once valued at $2.2bn.

Related articles