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Sir Allen Stanford found guilty of fashioning Ponzi scheme

Flambé:

Flamboyant financier Allen Stanford once told ABC News Chief Investigative Correspondent Brian Ross he would “die and go to hell” if his $7 billion investment empire was a Ponzi scheme.

The 61-year-old may not be going to hell, but he could well be spending the rest of his life in prison. On Tuesday, a federal jury in Houston convicted Stanford of all but one of 14 charges of fraud and obstruction. Each fraud count carries a sentence of up to 20 years. The same jury is now deliberating how much money Stanford must forfeit.

The Texas-bred Stanford built an offshore financial empire in the Caribbean during the 1980s and 1990s, and won a knighthood – and the right to call himself Sir Allen Stanford – from the government of Antigua. By early 2009, the SEC and the FBI, among others, were investigating Stanford Financial Group because of its above-market rate of returns. On February 17, 2009, the feds raided Stanford’s office in Texas, but did not arrest him until June.

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It is only legal for governments to do this.

UPDATE:

https://twitter.com/#!/johnnyA99/status/177385844636790786

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