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Prosecutor: Stanford stole investors' money

Prosecutors say Texas financier Stanford, stole investors' money in $7 billion Ponzi scheme By The Associated Press

HOUSTON (AP) ' Prosecutors say Texas financier R. Allen Stanford stole the hard-earned savings of investors, using the money like his own piggy bank so he could live the lavish lifestyle of a billionaire.

During opening statements Tuesday in Stanford's fraud trial, prosecutor Gregg Costa told jurors in Houston federal court that the financier used investors' money to buy homes and yachts and fund cricket matches.

Stanford is accused of bilking investors out of $7 billion in a massive Ponzi scheme through the sale of certificates of deposit from an Antiguan bank he owned.



He's charged with 14 counts, including mail and wire fraud, and could face up to 20 years if convicted.

Stanford denies any wrongdoing and says his businesses were legitimate. His attorneys were to make their opening statements later Tuesday.


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

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