Andrew Jones, Raw Story
Submitted by: Kevin J. Ziruolo, Jon Gilbert
Billionaire Allen Stanford Convicted in Ponzi Scheme Trial
[Raw Story] Allen Stanford, the former chairman of the defunct financial company Stanford Financial Group, was found guilty of conspiracy and fraud charges by a grand jury Tuesday afternoon for leading a $7 billion Ponzi scheme from his offshore bank in Antigua.
[Reuters] Stanford was found guilty on 13 of 14 criminal counts, including fraud, conspiracy and obstructing an investigation by the U.S. Securities and Exchange Commission.
Government prosecutors are attempting to confisicate over $300 million in offshore assets and accounts belonging to Standford.