Posted Mar 06, 2012 06:15 pm CST
A federal jury in Houston has convicted onetime billionaire R. Allen Stanford on 13 of the 14 counts he faced in a $7 billion fraud case. The charges concerned what prosecutors described as a Ponzi scheme focused on bogus certificates of deposit issued by an offshore bank Stanford controlled. Some 30,000 investors were bilked.
Stanford, 61, looked down as the verdict was read, the Associated Press reported. He was acquitted on one count of wire fraud.
The Houston Chronicle lists the counts on which he was convicted and notes that an asset forfeiture hearing is scheduled for this afternoon.
Stanford could get as many as 20 years in jail on the most serious charges when he is sentenced, although his total prison term could run significantly longer if sentences are imposed consecutively.
ABAJournal.com: “Federal Judge Says Allen Stanford Lawyers Can’t Quit, Must Defend Him in Upcoming $7B Fraud Trial”
ABAJournal.com: “Stanford Lawyers to Blame Feds, Economy for Investors’ $7B Loss at Fraud Trial Beginning in Texas”
ABAJournal.com: “Jury in $7B Fraud Case is Having Trouble With Verdict; Judge Reads New Instruction”