BBC: Allen Stanford found guilty in $7bn Ponzi scheme

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Allen Stanford found guilty in $7bn Ponzi scheme

Financier and cricket mogul Allen Stanford has been found guilty by a court in Houston, Texas, of running a $7bn Ponzi scheme.

Stanford, 61, was convicted on 13 of the 14 charges.

He had pleaded not guilty to defrauding some 30,000 investors with bogus investments through his Stanford International Bank in Antigua to fund a lavish lifestyle.

He faces a sentence of up to 20 years in prison for the most serious charge.

However, the judge will have to decide whether the sentences should run consecutively.

The jury of eight men and four women found him not guilty of one charge of wire fraud.

Stanford looked down as the guilty verdicts were announced, and one of his daughters started crying.

The same jury will now deliberate in a brief civil trial as prosecutors seek to seize funds from more than 30 Stanford bank accounts worldwide.

However, investigators say they have been unable to find 92% of the $8bn the bank said it had in assets.
 
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