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Stanford Convicted on 13 of 14 Charges

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Description
FBN's Adam Shapiro on Allen Stanford's guilty verdicts in the Ponzi-scheme trial against him.
Duration 1:34
Date Mar 6, 2012

This transcript is automatically generated

While a Texas jury is just convict and Allen Stanford on thirteen of the fourteen charges great -- in the seven billion dollar.

Ponzi scheme attitude Carol's been on top is better than anyone any standing by.

In -- newsroom of the Intel's atom.

And mr.

Sanford turned to his family about the verdicts were being read and it said -- -- -- to them that it's going to be okay it's okay.

But he was convicted Charles as you said on thirteen of the fourteen counts which he had been on -- indicted on.

Among -- wire fraud one of those wire fraud counts transferring two point nine million dollars from Stanford financials accounts in Switzerland.

To Allen Stanford's personal checking account in Houston that was a big no no according to the jury.

But also being convicted on mail fraud conspiracy to obstruct the SEC investigation.

As well as obstruction of that SEC investigation out the big question since he has been convicted.

Is what about the seven point two billion dollars which were stolen in the Ponzi scheme.

That the government has now proven mr.

Stanford was running seven point two billion -- 216.

Million has been recovered by the receiver.

100 million has gone to pay the legal fees of the receiver.

He said in the November filing that they don't expect to recover more than 500 million total.

-- -- the current legal fees 100 million from 500 million they have roughly 400 million.

That's what will go to roughly 21 to 27000.

Victims of Allen Stanford.

Pennies on the dollar if they're lucky.

Charles -- is somewhat out of.