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Business

Stanford Found Guilty on All But One Count

A verdict today in the trial of R. Allen Stanford, the former billionaire accused of cheating investors out of money in a huge Ponzi scheme. KUHF business reporter Andrew Schneider has more from the federal courthouse downtown.

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A federal jury has found former Texas financier R. Allen Stanford guilty on 13 of the 14 counts against him today. Jurors spent almost four days deliberating before returning the verdict just before noon. The jury found Stanford not guilty on one count of wire fraud. He was accused of cheating investors out of $7 billion in a huge Ponzi scheme. One of his flagship companies, Stanford Financial, was headquartered in The Galleria-area. Sentencing likely won’t come until after the jury decides where some of Stanford’s assets that are still in various accounts should go.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media's coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media's business reporter, covering the oil...

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