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Fate of financier Stanford in jury's handsJury deliberating Texas financier's Stanford's fate; he's charged in massive fraud case
HOUSTON (AP) ' The fate of Texas tycoon R. Allen Stanford is now in the hands of jurors who will decide if he bilked billions from investors in a massive Ponzi scheme.
The jury of eight men and four women got the case after prosecutors and defense attorneys finished their closing arguments Wednesday at Stanford's fraud trial in Houston.
Defense attorneys told jurors Stanford created thousands of jobs through his legitimate business empire and never failed to repay investors who bought certificates of deposit, or CDs, from his Caribbean bank.
Prosecutors countered Stanford bilked investors out of more than $7 billion through sales of the CDs and flushed away their money on a "lavish lifestyle and his loser companies."
If convicted, Stanford could be sentenced to more than 20 years in prison.
Related Keywords:Stanford Trial,Legal proceedings,Fraud and false statements,Crime,Law and order,General news