Allen Stanford Convicted
Posted on | March 6, 2012 | No Comments
Only a few years ago, Allen Stanford was believed to have a net worth of more than $2 billion. Today he was convicted of operating a $7 billion Ponzi scheme over the last 20 years. The jury convicted Stanford on 13 charges. Bernard Madoff is serving a 150 year sentence, I’m curious to see what Stanford gets. Prosecutors successfully argued that Sir Allen Stanford sold Certificates of Deposits to investors but in reality used the money to maintain a lavish lifestyle and fund various failed businesses. You can read more here.
Category: Ponzi scheme
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