Jury Deliberates on Seizure of Stanford Accounts

Deliberations began Thursday

Thursday, Mar 8, 2012  |  Updated 10:14 AM CDT
View Comments (
)
|
Email
|
Print
Jury Deliberates on Seizure of Stanford Accounts

Texas billionaire R. Allen Stanford is chairman of the troubled Stanford Financial Group.

advertisement

A jury is deciding if federal authorities can seize $330 million from nearly 30 accounts controlled by convicted Texas tycoon R. Allen Stanford and others.

Prosecutors allege the funds are proceeds from a massive Ponzi scheme and can be traced back to investors who lost billions.

The deliberations in Houston federal court began Thursday.

They are part of a brief criminal forfeiture proceeding that ended Wednesday. It followed Stanford's conviction Tuesday by the same jury on 13 of 14 fraud-related counts for orchestrating a scheme that took more than $7 billion over 20 years from investors.

A sentencing date for Stanford is not expected to be set until after the jury decides on the forfeiture proceeding.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Get NBCDFW on Mobile!
Get NBCDFW's free news and weather... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out