Posted: Mar 6, 2012 11:39 AM
Source: Associated Press
HOUSTON- A federal jury has reached a verdict in the Houston fraud trial of jailed Texas tycoon R. Allen Stanford.
U.S. District Judge David Hittner says the jury's verdict on charges Stanford bilked investors out of $7 billion in a massive Ponzi scheme would be announced later Tuesday.
Jurors have been deliberating since last Wednesday.
Defense attorneys say Stanford made money for investors who bought certificates of deposit from his Caribbean bank.
Prosecutors contend that Stanford spent investors' money on failed businesses and a lavish lifestyle.