Banker Stanford convicted by federal jury of multiple counts

A Houston federal jury Tuesday convicted Robert Allen Stanford, the former board of directors chairman of Stanford International Bank, for orchestrating a 20-year investment fraud scheme in which he misappropriated $7 billion to finance his personal businesses.

Following a six-week trial before U.S. District Judge David Hittner, and approximately three days of deliberation, the jury found Stanford guilty on 13 of 14 counts in the indictment.

Stanford, 61, was convicted of one count of conspiracy to commit wire and mail fraud, four counts of wire fraud, five counts of mail fraud, one count of conspiracy to obstruct a U.S. Securities and Exchange Commission investigation, one
count of obstruction of a Securities and Exchange Commission investigation and one count of conspiracy to commit money laundering. The jury found Stanford not guilty on one count of wire fraud.

At sentencing, Stanford faces a maximum prison sentence of 20 years for the count of conspiracy to commit wire and mail fraud, each count of wire and mail fraud, and the count of conspiracy to commit money laundering, and five years for the count of conspiracy to obstruct an SEC investigation and the count of obstruction of an SEC investigation.

The investigation was conducted by the FBI’s Houston Field Office, the U.S. Postal Inspection Service, the Internal Revenue Service and the U.S. Department of Labor, Employee Benefits Security Administration.

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