Robert Allen Stanford, once listed by Forbes magazine as one of the richest men in the United States, has been found guilty in a Texas federal court on charges he operated one of the most epic Ponzi frauds in U.S. history.
Stanford, 61, was found guilty on 13 of 14 criminal counts filed against him. The swindle involved about $7 billion — considerably less than Bernard Madoff’s caper, but still epic compared with virtually all other known Ponzi schemes.
An American, Stanford became a banking magnate in the Caribbean island of Antigua. His Ponzi scam involved certificates of deposit.
Watch Breaking News report on MyFoxHouston.com . . .
R. Allen Stanford Convicted in $7 Billion Ponzi Scheme: MyFoxHOUSTON.com