A high-flying financier who was once considered one of the richest men in America was convicted of stealing $7.2 billion from investors. He had tried to quash the trial due to a prison beating he endured September, 2009. The 61-year-old R. Allen Stanford was convicted on 13 of 14 counts of defrauding 30,000 investors in more than 100 countries.
After being ruled unfit when he flunked some memory tests last year, the judge decided he was likely faking his answers. Now he could spend the rest of his life in prison if the sentence for each charge runs consecutively.
“Some people trusted Mr. Stanford with their entire life savings,” Gregg Costa, an assistant United States attorney, told the jurors in his opening statement. “He told them lie after lie after lie. Lying, stealing and bribery: It’s those three things the evidence will show over the next several weeks.”
“Prosecutors showed jurors evidence illustrating how they believe Stanford spent more than $2 billion he’s accused of skimming,” according to Bloomberg Businessweek. “The Texas financier also spent $20 million on yachts, $37 million promoting cricket tournaments, $333 million on a pair of startup Caribbean airlines, and another $379 million to underwrite his Stanford Group Co.” Stanford also funneled more than a million to both his wife and his girlfriend.