Stanford Told ‘Lie After Lie’ to Investors, U.S. Prosecutor Says
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R. Allen Stanford engaged in a long-term fraud scheme and lied repeatedly to investors to “live the life of a billionaire,” a U.S. prosecutor told jurors as the financier’s criminal trial started in Houston.
Stanford, 61, was the ringleader of a $7 billion investment fraud, the U.S. said in a 14-count indictment accusing him of mail fraud and wire fraud, crimes that carry maximum sentences of 20 years in prison. He’s also charged with conspiracy to commit mail fraud and wire fraud and to obstruct a U.S. Securities and Exchange Commission probe.