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Crooked financier Allen Stanford is found guilty of $7bn scam

A jury has convicted US financier Allen Stanford on all but one of the charges he faced for allegedly conning investors out of more than $7bn (£4.4bn) in one of the largest Ponzi schemes in US history.

The federal jurors in Houston found Stanford (left) guilty on 13 of the 14 counts he faced. They found Stanford not guilty on one count of wire fraud.

The 61-year-old Texas financier looked down when the verdict was read. He faces up to 20 years in prison for the most serious charges but could be imprisoned for much longer if ordered to service his sentences consecutively.

Prosecutors say Stanford orchestrated a 20-year scheme that took billions through the sale of certificates of deposit from his Caribbean bank.

Stanford's attorneys blamed his ex-chief financial officer.

Belfast Telegraph


From Belfast Telegraph