Allen Stanford loses appeal of Ponzi scheme conviction | Fin24
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Allen Stanford loses appeal of Ponzi scheme conviction

Oct 30 2015 10:45

New York - A US appeals court on Thursday rejected Texas financier Robert Allen Stanford's bid to overturn his conviction and 110-year prison sentence for running what federal prosecutors called a $7.2bn Ponzi scheme.

The 5th US Circuit Court of Appeals in New Orleans turned aside several arguments raised by Stanford, including that the trial court showed favouritism to prosecutors and that the sentence was too long.

Stanford, 65, was convicted in March 2012 over what prosecutors called a scam cantered on his sale of fraudulent high-yielding certificates of deposit through his Antigua-based Stanford International Bank.

us  |  financial services  |  ponzi scheme


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