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Battle ongoing over assets of ex-tycoon Stanford

Ex-Texas tycoon Stanford to be sentenced for $7B Ponzi scheme as battle over assets continues By The Associated Press

HOUSTON (AP) ' As former Texas billionaire R. Allen Stanford's criminal fraud case winds down with his upcoming sentencing, the legal battle for control of his remaining assets around the globe is far from over.

Stanford is to be sentenced Thursday in Houston federal court. He was convicted in March on 13 fraud related counts for taking more than $7 billion from investors in one of the biggest Ponzi schemes in U.S. history. He could get life in prison.

Even after he is sentenced, the effort to return funds to investors will continue with no immediate end in sight. It's complicated by the parties involved being at odds over who should get control of frozen bank accounts and properties.

Frustrated investors say they just want some of their money back.

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Related Keywords:Stanford Trial-Sentencing-Forfeiture,Legal proceedings,Fraud and false statements,Law and order,General news,Crime


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