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Disgraced Stanford faces life behind bars after being found guilty of £4bn fraud

Mar 07, 2012 Sports

 

 

Mail Online – Disgraced financier Allen Stanford has been found guilty of orchestrating a massive £4.6billion fraud by a court in Houston, Texas.
Stanford set up a series of $20m (£12.7m) cricket tournaments between England and West Indies in 2008 and announced the deal with the ECB by landing a helicopter at Lord’s.
Jurors reached their verdicts against Stanford during their fourth day of deliberation, finding him guilty on 13 of the 14 charges except a single count of wire fraud.  Stanford, who was once considered one of the wealthiest people in the US, looked down when the verdict was read.
He faces up to 20 years for the most serious charges against him, but could spend longer than that behind bars if US District Judge David Hittner orders the sentences to be served consecutively instead of concurrently.
His mother and daughters, who were in the federal courtroom in Houston, hugged one another, and one of the daughters started crying when the verdicts were read out.
‘We are disappointed in the outcome. We expect to appeal,’ said Ali Fazel, one of Stanford’s attorneys after the hearing.
Prosecutors called Stanford a con artist who lined his pockets with investors’ money to fund a string of failed businesses, pay for a lavish lifestyle that included yachts and private jets, and bribe regulators to help him hide his scheme.
Stanford’s attorneys told jurors the financier was a visionary entrepreneur who made money for investors and conducted legitimate business deals.  Stanford, 61, who’s been jailed since his indictment in 2009, will remain incarcerated until he is sentenced.

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