|  | | 2012 News and Press Releases | | |
HEADLINE NEWS:
Stanford Ordered To Forfeit Funds In 29 Seized Accounts
Andrew Harris and Laurel Brubaker Calkins
Bloomberg. March 8, 2012
_________________________________________________________________________
EXCERPT: R. Allen Stanford, who was convicted of running a $7 billion investment fraud, must forfeit all funds seized by the U.S. government, a federal jury in Houston said, finding that the money constituted proceeds of the scheme. The jury of eight men and four women returned their verdict today in their second day of deliberations in the forfeiture proceeding, which began less than three hours after they returned guilty verdicts March 6 on 13 of 14 criminal counts against Stanford, 61. Prosecutors said Stanford defrauded investors who bought certificates of deposit from his Antigua bank. The jury granted total forfeiture on 29 accounts prosecutors said are worth $330 million. […] Stanford was ordered to forfeit money deposited in bank accounts in London, Zurich, Geneva and elsewhere, which prosecutors said was the product of criminal activity.
|
|
|
