Stanford Pleads Not Guilty in $7B Ponzi Scheme

He could face more than 20 years in prison

(AP) - Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was convicted today on all but one of the 14 counts he faced for allegedly bilking investors out of more than $7 billion in a massive Ponzi scheme he operated for 20 years. Jurors reached their verdicts against Stanford during their fourth day of deliberation, finding him guilty on all charges except a single count of wire fraud. More»

Banker accused of giving bribes, Super Bowl tickets to Caribbean regulator

(NEWSER) - Alleged Ponzi schemer Allen Stanford cut his wrist and made a secret blood pact with the banking regulator of the island of Antigua, where his bank operated, according to court documents. Stanford and the official pressed their bloody wrists together in a "brotherhood ceremony," after which the regulator called him "Big Brother," reports the New York Times. Stanford later gave the regulator Super Bowl tickets and deposited bribes into his Swiss bank account, according to a witness. More»

Alleged fraudster files a motion to move to cushier Houston jail

(NEWSER) - Accused financier R. Allen Stanford is demanding he be moved from his current jail to a nicer facility in Houston, on grounds that his current cell is not comfortable enough, the New York Post reports. Stanford, charged with swindling investors out of $7 billion, complained through his lawyer that the Joe Corely Detention facility lacks air conditioning and suffers frequent power outages. More»

(NEWSER) - Vijay Singh is sticking by embattled buddy and alleged swindler R. Allen Stanford. The star golfer, who's been sporting the Stanford Companies logo even though he no longer gets paid to do so, offered to put up $500,000 of the billionaire’s bail, reports CNBC. He was denied the honor because he is not a US citizen. More»

(NEWSER) - Alleged billionaire fraudster Robert Allen Stanford and six of his associates were indicted today on charges that they ran a $7 billion Ponzi scheme, the AP reports. Stanford turned himself in to authorities yesterday. “A fair jury will find him not guilty of any criminal wrongdoing,” Stanford’s lawyer said. He argues that any missing money is the result of the negative impact of the investigation. More»