Feds Trim Case Against Alleged Fraudster Stanford

Law360, New York (May 5, 2011, 3:34 PM EDT) -- Prosecutors filed a 14-count superseding indictment against accused Ponzi schemer Robert Allen Stanford on Wednesday that trims back the number of counts of wire fraud and mail fraud and removes an allegation of conspiracy to commit securities fraud.

Stanford, former chairman of the Houston-based Stanford Financial Group Co., parent of Stanford International Bank Ltd., pled not guilty in June 2009 to the government's initial 21-count indictment accusing him of running a $7 billion Ponzi scheme.

"It was the purpose of the conspiracy that the defendants and...
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