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Allen Stanford found guilty on 13 fraud and conspiracy charges

Allen Stanford, found guilty of 13 charges Credit: PA

The Texan billionaire Allen Stanford, perhaps best known for his involvement with Twenty20 cricket, has been found guilty on 13 charges of conspiracy and fraud relating to a failed $7billion Ponzi scheme.

He was found not guilty on one count of wire fraud.

Prosecutors accused Mr Stanford of misleading investors by promising their money would be invested in easy to trade assets, such as stocks and bonds, when instead he used it to buy two Caribbean newspapers, islands, and airplanes.

He also paid bribes routed through Swiss bank accounts to an Antiguan regulator to interfere with a Securities and Exchange Commission investigation and a local accountant to sign off on the bank’s books.