Allen Stanford | featured news

The star prosecution witness in the trial of convicted Texas financier R. Allen Stanford was sentenced Tuesday to five years in prison for helping to bilk investors out of more than $7 billion in one of the biggest Ponzi schemes in U.S. history.

Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced Thursday to 110 years in prison for bilking investors out of more than $7 billion over 20 years in one of the largest Ponzi schemes in U.S. history.

Investors taken in by Texas tycoon R. Allen Stanford expressed relief and a sense of vindication after a federal jury convicted the jet-setting financier of swindling them out of more than $7 billion. But they said the verdict will never replace the loss of their life savings....

Allen Stanford was found guilty of conspiracy and fraud charges by a federal jury on Tuesday for leading a $7 billion Ponzi scheme from his offshore bank in Antigua.

James Davis, the former financial officer for Texas billionaire Sir Allen Stanford, pleads guilty to fraud and conspiracy charges.

R. Allen Stanford, the Texas financier accused of directing a $7 billion Ponzi scheme, complained that his jail cell often lacks light and air conditioning.

For the past week, Stanford, who's in a cell in Conroe, Texas, with from eight to 10 other men, has endured heat and intermittent lack of power when outside temperatures reached 100 degrees Fahrenheit (38 Celsius) or more, his lawyer, Dick DeGuerin, said yesterday in a motion asking that his client be transferred to a downtown Houston jail.

A federal judge on Tuesday ordered Texas financier Allen Stanford, accused of a $7 billion fraud, held without bail until trial.

Sir Allen Stanford faced the possibility of a long detention, after US federal prosecutors filed papers opposing any move to grant the fallen financier freedom on bail pending his trial for wide-ranging fraud charges.

Billionaire R. Allen Stanford arrived at a federal courthouse  as he faces charges of fraud and conspiracy related to allegations that he swindled investors out of $7 billion.

Texas billionaire R. Allen Stanford, chairman of the troubled Stanford Financial Group, surrendered to FBI agents in Virginia Thursday afternoon, his attorney said.