Stanford Convicted For $7B Ponzi Scheme

Law360, New York (March 6, 2012, 1:41 PM EST) -- A Texas federal jury on Tuesday convicted Robert Allen Stanford on all but one of 14 counts in a widely anticipated verdict on charges that the former Stanford Financial Group chairman masterminded a $7 billion Ponzi scheme.

Stanford was found guilty of 13 counts of mail fraud, wire fraud, conspiracy and obstruction. He pled not guilty in June 2009 to an indictment claiming he misappropriated billions of dollars in investor funds, including some $1.6 billion he allegedly moved to a personal account.

The verdict came a...
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