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Allen Stanford loses appeal of Ponzi scheme conviction
Source: Reuters
US | Thu Oct 29, 2015 3:26pm EDT
Allen Stanford loses appeal of Ponzi scheme conviction
A U.S. appeals court on Thursday rejected Texas financier Robert Allen Stanford's bid to overturn his conviction and 110-year prison sentence for running what federal prosecutors called a $7.2 billion Ponzi scheme.
The 5th U.S. Circuit Court of Appeals in New Orleans turned aside several arguments raised by Stanford, including that the trial court showed favoritism to prosecutors and that the sentence was too long.
Stanford, 65, was convicted in March 2012 over what prosecutors called a scam centered on his sale of fraudulent high-yielding certificates of deposit through his Antigua-based Stanford International Bank.
(Reporting by Jonathan Stempel in New York; Editing by Meredith Mazzilli)
Allen Stanford loses appeal of Ponzi scheme conviction
A U.S. appeals court on Thursday rejected Texas financier Robert Allen Stanford's bid to overturn his conviction and 110-year prison sentence for running what federal prosecutors called a $7.2 billion Ponzi scheme.
The 5th U.S. Circuit Court of Appeals in New Orleans turned aside several arguments raised by Stanford, including that the trial court showed favoritism to prosecutors and that the sentence was too long.
Stanford, 65, was convicted in March 2012 over what prosecutors called a scam centered on his sale of fraudulent high-yielding certificates of deposit through his Antigua-based Stanford International Bank.
(Reporting by Jonathan Stempel in New York; Editing by Meredith Mazzilli)
http://www.reuters.com/article/2015/10/29/us-stanford-fraud-idUSKCN0SN2NM20151029
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