Stanford faces decades in jail for stealing $7bn | FT Alphaville

Stanford faces decades in jail for stealing $7bn

Allen Stanford, the billionaire Texas banker who was once knighted by the government of Antigua, was convicted of stealing $7bn in customer money to fund a high end lifestyle that involved sponsorship of an international cricket tournament, yachts, and island properties, the FT reports. After a six week trial in Houston and on the fifth day of deliberations, the jury of eight men and four women voted to convict Mr Stanford on 13 of 14 counts including fraud, conspiracy and obstructing a Securities and Exchange Commission investigation. He was found not guilty on one count of wire fraud. Mr Stanford, who has been held in custody since his June 2009 arrest, could face decades in prison when he is sentenced later this year.