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.
Discover content from The Globe and Mail that you might otherwise not have come across. Here we’ll provide you with fresh suggestions where we will continue to make even better ones as we get to know you better.
You can let us know if a suggestion is not to your liking by hitting the ‘’ close button to the right of the headline.