Stanford Guilty in $7 Billion Ponzi

Texas tycoon Allen Stanford will be trading in his yacht for a prison cell. Stanford has been found guilty by a Houston jury of running a $7 billion Ponzi scheme that financed his luxurious lifestyle. Stanford allegedly swindled clients by issuing certificates of deposit from a bank he owned that was based in Antigua and Barbuda. He treated the bank as “his personal ATM,” according to prosecutors, and pocketed as much as $2 billion for himself. He now faces 20 years in prison—or possibly more, depending on the sentencing.