March 8, 2012 at 3:29 PM ET
First he was convicted of a massive $7 billion Ponzi scheme. Now, he's got to give up the dough.
Millions of dollars that ex-Texas billionaire R. Allen Stanford stashed away in his foreign accounts were ill-gotten gains from one of the biggest financial frauds ever, a jury concluded Thursday. Now the government can begin the process of retrieving the money, which is held in 29 accounts all over the globe, including Canada and Switzerland.
The same jury Tuesday convicted Stanford of 13 out of 14 counts of bilking investors in a 20-year scam that took in billions through the sale of certificates of deposit from his Caribbean bank.
Stanford, once one of the richest men in America with a net worth estimated at more than $2 billion, faces at least 20 years in prison. He could get hit with more if a judge decides he should serve his sentence consecutively.
Reuters contributed to this report.