Allen Stanford Ponzi Scheme

[scion]

Today’s reckoning for Stanford: whether to forfeit international accounts

http://blog.chron.com/stanford/2012/03/todays-reckoning-for-stanford-whether-to-forfeit-international-accounts/

Jurors in the R. Allen Stanford case return today to federal court court, perhaps for the last time, to consider whether international accounts held by the one-time billionaire and cricket mogul’s Antigua bank should be forfeited.

Yesterday, the same jury convicted Stanford on 13 of 14 fraud-related counts against him that accused him of masterminding a $7 billion Ponzi scheme through his offshore bank’s certificates of deposit, or CDs sold to customers worldwide.

He now faces up to 230 years in prison. A sentencing date has not been scheduled.

The 61-year-old looked at his crying family members after the verdict was read on Tuesday and mouthed to them the words, “It will be OK.”

His lawyers say they will appeal the verdict.

Today’s forfeiture hearing involves accounts held by Stanford International Bank at banks outside the United States containing some $300 million. If the jury agrees with the government, the accounts will likely be added to what the federal receiver has located.

http://blog.chron.com/stanford/2012/03/todays-reckoning-for-stanford-whether-to-forfeit-international-accounts/