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Financier R. Allen Stanford convicted in $7b swindle, may face life in prison

Wednesday, March 07, 2012

Bailey McCann, Opalesque New York - Texas financier R. Allen Stanford, was convicted Tuesday on 13 counts of fraud for an extensive Ponzi scheme he operated for 20 years. According to the charges he took investors for $7b during that time.

Stanford was found guilty on a variety of fraud charges, save for a single count of wire fraud for which he was acquitted. Stanford was once considered one of the wealthiest individuals in America.

Stanford, has been jailed since his indictment in 2009, and will remain incarcerated until he is sentenced.

According to press accounts, Stanford faces up to 20 years each for charges against him which include conspiracy, fraud and money laundering. The amount of time he will spend in jail depends on if the judge rules that each of the 13 sentences should be served together or concurrently.

A civil trial is also going forward with the same jury in an attempt to seize funds from Stanford's bank accounts in order to pay back investors. Stanford sold investors fraudulent certificates of deposit from his bank in Antigua and told them that the funds were being invested in securities internationally. Instead, he took the money for himself to fund his lavish lifestyle and pay his family's expenses.

Stanford was Antigua's largest employer and was even knighted by the government for his contribution to t......................

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