Jury: government may go after $330 million in foreign bank accounts (Stanford's)
Source: Houston Chronicle
Jurors who earlier convicted R. Allen Stanford in a $7 billion investor fraud on Thursday determined the government may go after $330 million in foreign bank accounts prosecutors said contained proceeds from Stanford’s illegal activity.
Jurors convicted the 61-year-old native Texan of fraud on Tuesday, then were pressed into service again, this time to determine whether millions of dollars in investors’ money went to the international accounts and therefore is subject to forfeiture.
Stanford, who could spend the rest of his life in prison on the criminal conviction, showed no reaction to the forfeiture verdict — which involved some accounts that he never controlled but which the jury found contain money obtained illegally.
A court-appointed receiver has controlled the domestic assets of Stanford and his network of financial services companies since February of 2009, when the Securities and Exchange Commission filed a civil fraud suit alleging his operations were fraudulent.
Read more: http://blog.chron.com/stanford/2012/03/jury-cd-funds-in-foreign-accounts-must-be-forfeited/
While only a pittance of what he stole in total, at least it's something to go back to his victims.
