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Investors: Stanford verdict won't restore losses

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Posted: Mar 7, 2012 7:17 AM
Source: Associated Press

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Topics: investors, allen, stanford, verdict, won't, restore, losses, ponzi, scheme, wbrz, louisiana

HOUSTON - Investors taken in by Texas tycoon R. Allen Stanford are expressing relief after a federal jury convicted the ex-financier on charges he bilked them out of more than $7 billion in a 20-year Ponzi scheme.

But they say the verdict won't do much to make up for what they've lost.

British retiree Kate Freeman says she lost $820,000 in Stanford's scheme. She says he sentenced his investors to "a life of hardship and poverty, and they have no chance to ever recover from what has happened to them."

Prosecutors hope to seize about $300 million from more than 30 Stanford-controlled accounts in a civil trial that resumes Wednesday before the same jury that convicted Stanford on 13 of 14 fraud-related charges.

Stanford could face life behind bars at his sentencing.

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