Supreme Court rejects financier Stanford's 7 billion Ponzi scheme appeal
The Supreme Court on Monday rejected Texas financier Robert Allen Stanford's bid to overturn his conviction and 110-year prison sentence for running what prosecutors called a $7.2 billion Ponzi scheme that bilked investors in 113 countries.
The justices left in place the imprisoned Stanford's appeal of an October 2015 ruling by the New Orleans-based 5th U.S. Circuit Court of Appeals that upheld his 2012 conviction and sentence arising from one of the largest such frauds ever uncovered in the United States.
Federal prosecutors said he ran a scam for two decades that defrauded some 30,000 investors and centered on the sale of fraudulent high-yielding certificates of deposit through his Antigua-based Stanford International Bank.
They said he used investor funds to make risky investments, pay bribes and fund a lavish lifestyle including mansions, yachts and private jets. Authorities uncovered the scheme in 2009.
Read more: http://www.reuters.com/article/us-usa-court-stanford-idUSKBN13N1I5
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