Allen Stanford found guilty in $7bn Ponzi scheme

Stanford had blamed a former chief financial officer

Financier and cricket mogul Allen Stanford has been found guilty by a court in Houston, Texas, of running a $7bn Ponzi scheme.

Stanford, 61, was convicted on 13 of the 14 charges.

He had pleaded not guilty to defrauding some 30,000 investors with bogus investments through his Stanford International Bank.

Prosecutors said he issued fraudulent certificates of deposit through the offshore bank in Antigua.

The jury of eight men and four women found him not guilty of one charge of wire fraud.

Stanford faces a sentence of up to 20 years in prison

http://www.bbc.co.uk/news/world-us-canada-17274724

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