Allen Stanford, the billionaire Texas banker, was convicted yesterday of stealing $7bn in customer money to fund a lavish lifestyle that included sponsorship of an international cricket tournament, yachts and island properties.
After a six-week trial in Houston, and on the fifth day of deliberations, the jury voted to convict Mr Stanford on 13 of 14 counts including fraud, conspiracy and obstructing a Securities and Exchange Commission investigation. He was found not guilty on one count, of wire fraud.
Mr Stanford, who has been held in custody since his arrest in June 2009, could face more than a decade in prison when he is sentenced later this year.
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