VERDICT: Stanford guilty on all but one count, attorneys vow appeal

By Patsy R. Brumfield/NEMS Daily Journal

HOUSTON, Texas – After four days deliberations, fallen financier R. Allen Stanford’s jury said: Guilty 13 times.

Stanford, 62, was accused in 2009 of masterminding a $7.2 billion Ponzi scheme on purchasers of certificates of deposit through his Stanford International Bank in Antigua.

Late Monday, the jury said it couldn’t be unanimous on the 14 charges and U.S. District Judge David Hittner instructed them to keep trying.
They returned to work at 9:30 this morning.
Immediately after the verdict, Hittner told the jury to return at 1:30 p.m. to consider forfeitures on about 36 Stanford bank accounts.
Late this morning, Stanford’s defense attorneys said they will appeal his convictions.
Twenty-two-thousand investors worldwide claim they lost their life savings when the Stanford empire collapsed in 2009 under the weight of U.S. Securities and Exchange Commission investigation.
More than a thousand Mississippians call themselves Stanford’s victims. The company had offices in Tupelo, Jackson and Memphis.
Stanford insisted he could have saved his financially floundering company if assets hadn’t been frozen by an SEC lawsuit.
Stanford was accused of mail and wire fraud, obstruction of a federal investigation and conspiracies to commit mail and wire fraud, to launder money and to obstruct a federal investigation.
Stanford’s trial began Jan. 21 in Houston, where he built his financial services enterprise. Lawsuits against Stanford by alleged victims are on hold until completion of the criminal case and action by a court-appointed receiver in Dallas.
A separate trial set for September will push similar criminal charges against King and three former Stanford executives, including Baldwyn native Laura Pendergest-Holt.

Read Wednesday’s Daily Journal for more info and reactions from former Stanford investors.

Click here for our page with complete coverage of the Stanford Trial.

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