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Stanford found guilty on 13 of 14 charges in Ponzi scheme

3 years ago March 06, 2012 Mar 6, 2012 Tuesday, March 06 2012 Tuesday, March 06, 2012 10:54:41 AM EST in News
Source: Associated Press

HOUSTON- A jury in Texas found financier R. Allen Stanford on 13 of 14 charges in a $7 billion Ponzi scheme.

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.

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