News Americas, HOUSTON, Texas, Tues. Mar. 6, 2012: Texan-born R. Allen Stanford, the man once a heavy weight “knight” in the Caribbean island of Antigua, has been convicted of 13 counts of conspiracy, fraud, obstruction and money laundering.
A 12-member federal court jury earlier today convicted the former Sir Allen of running a $7 billion fraud through an offshore bank. Stanford, 61, clasped looked to family members in the courtroom as U.S. District Judge David Hittner read the 13 verdicts of guilty and one of not guilty.
He was convicted of conspiracy to commit mail or wire fraud; four counts of wire fraud; five counts of mail fraud; one count of conspiracy to obstruct a U.S. Securities and Exchange Commission proceeding; one of obstructing an SEC proceeding; and one of conspiracy to commit money laundering.
Many of his family wept.
The counts carry total penalties of 230 years but Judge Hittner did not immediately set a sentencing date for Stanford.
Defense lawyer Ali Fazel said he plans to appeal.
Stanford, who was once a billionaire and flamboyant cricket entrepreneur who was once the largest private sector employer in Antigua, has been jailed without bond as a flight risk since he was indicted in June 2009, four months after the Securities and Exchange Commission filed a fraud suit and shut down his international financial network, all part of Houston-based Stanford Financial Group.
The government alleged that Stanford and others defrauded investors in certificates of deposit issued by Stanford International Bank in Antigua.
Federal prosecutors said Stanford was taking $1 million a day out of the Antigua bank by the end of 2008.
Stanford had insisted all along he was innocent and declined to testify in the case.
