Sir Allen Stanford's champagne wishes and caviar dreams are truly over.
A federal jury in Houston convicted the former head of Stanford Financial Group on all but one of the 14 counts against him. Stanford was accused of masterminding a $7 billion Ponzi scheme centered on so-called CDs at his Antigua bank. The losses to South Louisiana investors are estimated to be about $1 billion.
Stanford was convicted of wire and mail fraud and obstructing a federal regulatory investigation. The 61-year-old faces up to 20 years in prison for each fraud count.
The jury of eight men and four women had been deliberating since Feb. 29. The trial lasted five weeks, and Stanford did not take the stand.
Bloomberg reports that a second trial with the same jury will be held later today to determine the amount Stanford must forfeit. Prosecutors are asking for about $300 million in assets.
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