Jury Deliberates on Seizure of Stanford Accounts

Deliberations began Thursday

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    NEWSLETTERS

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

    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.