Allen Stanford Found Guilty in Ponzi Scheme: News Alert

NEW YORK ( TheStreet) -- Allen Stanford has been found guilty on 13 of 14 charges related to a $7 billion Ponzi scheme, according to multiple media reports on Tuesday.
  • The count where Stanford was found not guilty was related to wire fraud in a federal trial, The Wall Street Journal said.
  • Earlier in the day, a judge told the jury to continue deliberating after a note was sent to the bench saying they were still unable to reach a verdict in their fourth day of deliberation, media reports said.
  • The trial was held in Houston, Texas, and the charges carry a "possible prison sentence of nearly 20 years," according to Reuters.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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