Stanford Guilty on 13 of 14 Counts

After a trial lasting more than six weeks, a Houston jury found financier R. Allen Stanford guilty of running a Ponzi scheme that cost investors more than $7 billion.

The final toll against Stanford included five counts of mail fraud, four counts of wire fraud, three of criminal conspiracy and one of obstruction of an SEC investigation. The sole not-guilty verdict was on a single charge of wire fraud.

Robert Scardino is Stanford’s lead defense counsel.

“It was a long, hard case that was fought by each side, I think, professionally, it was hard fought. And when you don’t win it’s difficult. And of course the consequences for Stanford are going to be dire.”

Cassie Wilkinson, an investor who was defrauded by StanfordCassie Wilkinson

The verdict attracted a packed courtroom. The crowd included investors such as Cassie Wilkinson.

“It’s almost like I was forgiven of a sin, because I’ve doubted my ability to make any sort of a decision at all related to finances. And we didn’t really feel that we were such fools, but it ended up that we looked like fools. And so many people have questioned, ‘Why would you ever do that?’ We’ve heard that so many times. And it’s because we trusted the wrong people.”

It’s far from clear how much of the missing $7 billion can ever be recovered. There’s a court battle brewing over the remnants of Stanford’s business empire. Dallas attorney Ralph Janvey is the US receiver appointed by the SEC. Global accounting firm Grant Thornton is performing the same role for Antigua, once home of Stanford International Bank.

Stanford’s Ponzi scheme was the second largest in US history, affecting tens of thousands of investors from more than 100 countries.

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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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