The Wall Street Journal on March 6, 2012 released the following:
“Allen Stanford Convicted on 13 of 14 Counts
By Daniel Gilbert
A federal jury on Tuesday convicted international financier R. Allen Stanford on 13 out of 14 charges of money laundering and fraud in what prosecutors called a Ponzi scheme that lost billions of dollars for investors.
The jury of eight men and four women found him not guilty on one count of wire fraud.
The verdict, coming on the fourth full day of deliberation after a monthlong trial, marks a stunning comedown for Mr. Stanford, 61 years old, who rose from owning a bodybuilding gym in Texas to become a billionaire knighted in Antigua.
As the verdict was read Mr. Stanford, wearing a dark suit, turned to where his family members were sitting and appeared the mouth the words, “It’s okay.”
The verdict caps a three-year criminal prosecution that has blocked investors from attempting to recover hundreds of millions of dollars from Mr. Stanford, and which has stalled a civil lawsuit against him brought by the U.S. Securities and Exchange Commission. It came a day after jurors said they could not reach a unanimous verdict on all counts, and U.S. District Judge David Hittner ordered them to keep deliberating.
Prosecutors had accused Mr. Stanford, 61 years old, of swindling thousands of investors by selling them certificates of deposit issued by a bank he controlled in Antigua. They say he invested these proceeds in risky real-estate assets and his own businesses, funding a lavish lifestyle aboard yachts and jets and even sponsoring cricket tournaments.
Mr. Stanford’s lawyers, who ultimately chose not to let him testify in his own defense, countered that he ran a legitimate business that was ruined when the SEC raided his office in 2009 and froze his assets. They portrayed Mr. Stanford as an absentee chief executive, and argued that any fraud would have been committed by his chief financial officer, James Davis, a key government witness.”
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