Billionaire Allen Stanford Convicted in Ponzi Scheme Trial
Back in February of 2009, billionaire money-man Allen Stanford was brought up on charges for "massive ongoing fraud" by the Securities and Exchange Commission.
[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.
Reuters Story: Stanford guilty of bilking investors of billions >>
Read Full Raw Story Article
Posted by Editor on 03/07/12 at 04:21 PM •
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