Allen Stanford found guilty of $7bn fraud.

Allen Stanford goes back to prison as his court case ends in the USA. During the trial prosecutors argued that Stanford used his clients’ money to fuel his “lavish lifestyle and his loser companies” in a massive Ponzi scheme that spanned two decades. Stanford, they argued, conned investors into buying certificates of deposit, or CDs, from his bank on the Caribbean island nation of Antigua and Barbuda, telling them that they were a safe investment. Instead the bank was “his own personal ATM”, the prosecutor William Stellmach said.

Leave a Reply