Stanford found guilty in $7bn Ponzi trial

Financier Allen Stanford faces up to 20 years in prison after being found guilty of orchestrating a $7bn Ponzi scheme.

After a six-week trial in Houston, Texas, a jury found him guilty of conspiracy and 12 other criminal charges including obstruction. He was acquitted of one wire fraud charge. Prosecutors argued Stanford - dubbed "the chief faker" by his former chief financial officer during proceedings - used his clients' money to fuel his "lavish lifestyle" and "loser companies" in a massive Ponzi scheme. Investors were encouraged - successfully - to buy certificates of deposit (CDs) from his bank on the Caribbean island nation of Antigua, telling them they were a safe investment. Instead the ban...