R. Allen Stanford Found Guilty Of $7 Billion Ponzi Scheme

Texas business tycoon R. Allen Stanford was found guilty on Tuesday of running a massive $7 billion ponzi scheme that grew over a period of 20 years.

The guilty verdict included all but a single count of wire fraud against Stanford and came after four days of jury deliberations.

Once considered one of the wealthiest men in America the Texas tycoon plans to appeal the courts decision which was witnessed by his mother and daughters in a Houston courtroom.

Speaking about the jury’s decision Stanford’s attorney Ali Fazel noted:

“We are disappointed in the outcome. We expect to appeal.”

Fazel was not able to comment further about the case because of a court implemented gag order.

During their portrayal of the Texas businessman prosecutors painted Stanford as a man who lined his own pockets while using investors funds to pump money into a long history of failed businesses. Prosecutors then drew a picture of his lavish lifestyle which used stolen money to purchase private jets, yachts and other high end items. Stanford is also accused of bribing regulators to keep his ponzi scheme moving forward.

Jailed since he was indicted in 2009 the 61-year-old businessman faces up to 20 years in prison for most of the charges against him. If U.S. District Judge David Hittner chooses to issue concurrent rather than consecutive jail time that 20 years could extend even further.

According to Newser:

With Stanford’s conviction, a shorter, civil trial will be held with the same jury on prosecutors’ efforts to seize funds from more than 30 bank accounts held by the financier or his companies around the world, including in Switzerland, the United Kingdom and Canada. The civil trial could take as little as a day.

Stanford relied on court-appointed attorneys after his assets were seized.

Do you think R. Allen Standford deserves to spend the rest of his life behind bars?