Texan tycoon found guilty of ponzi scheme
by Damon Green
The spectacular fall from grace of the Texan tycoon Allen Stanford is complete as he's found guilty of 13 charges of fraud and conspiracy
Read the full storyLive updates
Flamboyant former tycoon's remarkable fall from grace
Today's guilty verdict marks a remarkable fall from grace for Allen Stanford who was famous for his flamboyant image in both the sporting and business worlds.
Advertisement
Allen Stanford guilty of $7 billion fraud and conspiracy
Despite the confidence of the US officials belief in Stanford's guilt he always maintained his innocence.
Tycoon Stanford found guilty of 13/14 charges
The Texas tycoon Allen Stanford had been on trial for fraud charged with 14 counts, accused of cheating investors out of $7 billion in a massive Ponzi scheme.
Allen Stanford found guilty on 13 fraud and conspiracy charges
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.
Today's top stories
