Stanford now faces up to 20 years in prison.
R Allen Stanford was convicted today of a major Ponzi fraud that involved money laundering and falsifying certificates of deposit at his Antigua-based bank.
A federal jury convicted the former head of Houston-based Stanford Financial Group on 13 out of 14 counts of fraud in which the financier funneled $7 billion from investors by selling high-interest certificates of deposit at the Stanford International Bank. He then invested these profits in fluctuating real-estate assets, over-the-top lifestyle aboard yachts and jets, and his own business. Â
According to the Associated Press, Stanford now faces up to 20 years in prison. He was found not guilty of one count of wire fraud.
