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A billionaire banker who maintained a significant presence in Antigua, R. Allen Stanford, has been found guilty on 13 of 14 counts.
Antigua is among the leading Internet gambling jurisdictions serving the US market. It was widely reported at the time of his arrest that gambling operators maintained accounts with Stanford’s bank on the Caribbean island.
Bloomberg News reported Tuesday that a federal jury in Houston found the financier guilty of all but one of the 14 counts against him, including wire and mail fraud and obstructing a federal regulatory investigation. Stanford, 61, faces as long as 20 years in prison for each fraud count.
From Bloomberg:
R. Allen Stanford, accused of leading a $7 billion investment fraud scheme, at the Bob Casey Federal Courthouse in Houston, Texas, on March 6, 2012. Photographer: Aaron M. Sprecher/Bloomberg
Stanford, who was ranked 205 on Forbes magazine’s 2008 list of the richest Americans, with a net worth of $2.2 billion, has been jailed since being indicted in June 2009 after prosecutors said he might try to flee. A second trial with the same jury will be held later today to determine the amount Stanford must forfeit. Prosecutors are seeking about $300 million in 36 bank accounts that are located in the U.K., Switzerland, Canada, Antigua and Florida.
- Aaron Goldstein, Gambling911.com
