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Allen Stanford found guilty in Ponzi scheme trial

By Andrew Jones
Tuesday, March 6, 2012 13:27 EDT
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Allen Stanford. Image via AFP.
 
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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.”

Andrew Jones
Andrew Jones
Andrew Jones is a staff writer/reporter for Raw Story. Besides covering politics, he is also a freelance sports journalist, as well as a slam poetry and music artist. You can follow him on Twitter @sluggahjells.
 
 
 
 
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