Allen Stanford found guilty in Ponzi scheme trial
Allen Stanford, the former chairman of the defunct financial company Stanford Financial Group, was found guilty of conspiracy and fraud charges by a grand jury Tuesday afternoon for leading a $7 million Ponzi scheme from his offshore bank in Antigua.
According to Reuters, a jury of eight men and four woman found Stanford guilty of 13 out of 14 charges. The news comes a day after the jury was unable to reach a verdict, which resulted in rumors of a potential mistrial.
Stanford was charged by the Securities and Exchange Commission in February 2009 for “massive ongoing fraud.”