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Allen Stanford, left, enters federal court in Houston on Tuesday to hear the verdict in his criminal trial. (Richard Carson/Reuters/Richard Carson/Reuters)
Allen Stanford, left, enters federal court in Houston on Tuesday to hear the verdict in his criminal trial. (Richard Carson/Reuters/Richard Carson/Reuters)

Allen Stanford found guilty of running $7-billion Ponzi scheme Add to ...

Allen Stanford was convicted on Tuesday of running a $7-billion (U.S.) Ponzi scheme, a verdict that caps a riches-to-rags trajectory for the former Texas financier and Caribbean playboy.

It was a vindication for the U.S. government, which closed down Mr. Stanford’s financial empire in February, 2009, but had failed for years to address signs that the business was built on air. The Stanford case was the biggest investment fraud since Bernie Madoff’s.

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