Fraud in the U.S. Revealed Again

HOUSTON. Cases of financial fraud in the U.S. revealed again. Texasmillionaire, R Allen Stanford, was found guilty by a court for committing fraudwith a Ponzi scheme. Amount of losses incurred 7 billion U.S. dollars.

The case was revealed in a court in Houston, Texas, USA, Tuesday (6/3). Ponzischeme is the nickname for the practice of gathering chain, which isessentially a fraud.

It at once reminded the audience about the Bernard Madoff Ponzi scheme thatalso uses the profits from the client. Madoff has been sentenced to 150 yearsin prison.

Through the Ponzi scheme, lucrative profits are given to old investors withmoney from new investors to use.

This court decision may be a relief to 30,000 + clients from 100 countries whoinvest funds into the Stanford International Bank. However, the possibility ofthese banks can return the investment fund.

Investigators could not find a return of 92 percent from U.S. $ 8 billion assetbank.

Stanford (61) has been in prison for three years. He may not be able to breathefree air again.

Stanford jury declared guilty of 13 of the 14 cases the charges, includingfraud, conspiracy and money laundering.

Each case, Stanford punishable by between five and 20 years.

Claimed loss of memory

Stanford remained calm when the verdict was read. However, her old mother, twogrown daughters, family and friends covered their faces.

His lawyer said the decision was very disappointing and is planning to appeal.

Cassie Wilkinson, one of the victims of Stanford, said, had been waiting forthis decision. "We used not only by Allen (Stanford), but also othercolleagues. Very glad to hear that the 12 judges felt the same way, "hesaid.

Only one decision that declared him not guilty, especially in the case ofpurchasing tickets for the 9000 annual match American football, Super Bowl, forLeory King, a bank official.

Stanford has also been declared unable to follow the trial after he was hangingwith painkillers also an antidepressant. He attempted to stop the case byclaiming to have lost memory as a result of being beaten and the negativeimpact of drugs, which he consumed. However, prosecutors refused the request.

The Court hopes to seize Stanford assets about 300 million dollars from about30 bank accounts he controlled in Switzerland, Britain, and Canada.

Prosecutors allege Stanford fund lavish lifestyles by taking investment moneyfrom investors. At least he earned an estimated 2 billion dollars of money,property investors.