(Reuters) - The final two defendants convicted for helping the former Texas billionaire financier Allen Stanford swindle investors were each sentenced on Thursday to 20 years in prison over their roles in his $7.2 billion Ponzi scheme. Full story
HOUSTON (Reuters) - James Davis, the government's top witness in convicted swindler Allen Stanford's fraud trial, was sentenced to 5 years in prison for his role in a $7 billion Ponzi scheme. Full story
(Reuters) - The Supreme Court on Friday agreed to hear four new cases, addressing matters as diverse as the reach of a law designed to combat chemical weapons, and whether lawyers could be sued for having once represented convicted swindler Allen Stanford. Full story
(Reuters) - Roughly 18,000 defrauded investors in Allen Stanford's $7 billion Ponzi scheme would receive an initial payment of $55 million for their claims, according to a plan submitted by a court appointed receiver on Friday. Full story
For twenty years Allen Stanford ran international Ponzi scheme selling fraudulent certificates of deposit from his offshore bank on the island of Antigua. He bilked more than 20,000 investors of $7.2 billion dollars.
CNBC's Scott Cohn reports Allen Stanford will go to prison for the rest of his life and was defiant until the end, saying, "If I live the rest of my life in prison, I will always be at peace with the way I conducted myself in business."
Federal prosecutors are calling for the maximum sentence of 230 years for convicted ponzi schemer Allen Stanford and LinkedIn confirmed "some" passwords have been stolen, reports CNBC's Jackie DeAngelis.
Convicted financier Allen Stanford, who faces up to 230 years in prison for his $7 billion Ponzi scheme, arrives at Federal Court in Houston for sentencing June 14, 2012. REUTERS/Richard Carson
epa03265168 A file photograph showing financier Allen Stanford
Convicted financier Allen Stanford was once considered one of the richest men in the U.S., with an estimated net worth of more than $2 billion.
