Financier R. Allen Stanford was convicted on 13 of 14 counts of fraud by a federal jury on Tuesday, stemming from a Ponzi scheme over two decades involving more than $7 billion in investments.
The verdict was the culmination of a six-month trial on charges Stanford misled 30,000 investors from more than 100 countries. The investors purchased high-yield certificates of deposit from Stanford International Bank, based in Antigua.
Federal prosecutors said Stanford misled the investors about the nature of the certificates of deposit and that he used the money for a personal, lavish lifestyle.
The company also was title sponsor of the PGA Tour's Memphis stop in 2007 and '08. The company was to sponsor the LPGA's Tour Championship in 2009, but Stanford was arrested before the Texas-based event could be played.