Stanford Convicted in $7 Billion Investment Fraud Scheme
R. Allen Stanford was convicted of fraud in what prosecutors said was a $7 billion scheme involving bogus certificates of deposit at his Antigua-based bank.
To contact the reporter on this story: Andrew Harris in Chicago at aharris16@bloomberg.net
To contact the editor responsible for this story: Mary Romano at mromano6@bloomberg.net
March 6 (Bloomberg) -- R. Allen Stanford was convicted of fraud in what prosecutors said was a $7 billion scheme involving bogus certificates of deposit at his Antigua-based bank. A federal jury in Houston today found the financier guilty of all but one of the 14 counts against him, including wire and mail fraud and obstructing a federal regulatory investigation. Stanford, 61, faces as long as 20 years in prison for each fraud count. Duarte Geraldino reports on Bloomberg Television's "Money Moves." (Source: Bloomberg)
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