Allen Stanford Found Guilty in $7B Ponzi Scheme

He could face more than 20 years in prison
By Newser Editors and Wire Services
Posted Mar 6, 2012 1:00 PM CST
Allen Stanford Found Guilty in $7B Ponzi Scheme
In this courtroom sketch, R. Allen Stanford writes on a legal pad during his trial at the Bob Casey Federal Courthouse in Houston on Wednesday, Feb. 29, 2012.   (AP Photo/Houston Chronicle, Ken Ellis)

Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was convicted today on all but one of the 14 counts he faced for allegedly bilking investors out of more than $7 billion in a massive Ponzi scheme he operated for 20 years. Jurors reached their verdicts against Stanford during their fourth day of deliberation, finding him guilty on all charges except a single count of wire fraud.

Stanford, who was once considered one of the wealthiest people in the US, looked down when the verdict was read. He faces up to 20 years for the most serious charges against him, but the once high-flying businessman could spend longer than that behind bars if the judge orders his sentences served consecutively instead of concurrently. Three other indicted former executives of Stanford's companies are to be tried in September. (More Robert Allen Stanford stories.)

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