News 92 FM

Jury Decides That The Fed Can Try To Seize Stanford’s $330M

Comments: 0  | Leave A Comment

Photo: Getty Images

Cicely C. Mitchell

Jurors in Houston have reached a verdict in the government’s civil case against convicted former financier R. Allen Stanford.

Authorities were seeking to seize $330 million from foreign accounts he controlled and that Houston jury decided that there is sufficient evidence that the $330 million in frozen foreign bank accounts Stanford controlled, can be seized by U.S. authorities.

Thursday’s decision doesn’t guarantee that U.S. authorities will get the money; there are liquidators appointed by an Antiguan court, who are also vying for control of many of the same accounts.

U.S. District Judge David Hittner also set a June 14 sentencing date for Stanford on the criminal convictions.

Stanford has been jailed since 2009.

While the most serious charges Stanford faces carry prison terms of up to 20 years, Judge Hittner could sentence the 61-year-old former financier to prison for life by ordering his sentences to run consecutively.

On Tuesday, Stanford was convicted on 13 of 14 fraud-related counts for swindling investors out of more than $7 billion through the sale of CDs, from his bank on the Caribbean island nation of Antigua.

Join the Conversation! Share and Discuss!

Tags: » » » »

Comments

Follow

Get every new post delivered to your Inbox.

Join 3,513 other followers