After taking extra time to deliberate, a jury of 8 men and four women have found former financier Allen Stanford…. GUILTY of running a $7 billion investment fraud scheme, according to Bloomberg.
We may have to say goodbye to our dreams of an Antigua national cricket team.
He was found guilty of 13 of 14 counts, according to CNBC. The only thing he was found not guilty of was wire fraud (though he was found guilty of conspiracy to commit wire fraud). He was also found guilty on charges of conspiracy to obstruct an SEC investigation, money laundering, and more.
Now Stanford’s fate is totally in the hands of the Judge. He faces 20 years in prison for his crimes unless each count is served consecutively, in which case he could be incarcerated for a long, long time. He’ll be 62 next month, and once upon a time Forbes ranked him the 205th richest American.