|
"We are disappointed in the outcome. We expect to appeal," Stanford attorney Ali Fazel said after the hearing. He said he couldn't comment further because of a gag order. Prosecutors and Stanford's family declined to comment. During the more-than-six-week trial, prosecutors presented testimony they said showed how Stanford took billions of dollars over 20 years from certificates of deposit, or CDs, at his bank on the Caribbean island nation of Antigua. They said he lied to investors from more than 100 countries, telling them their funds were being safely invested. Stanford did not testify in his own defense. His attorneys told jurors the financier was trying to consolidate his businesses to repay investors when authorities seized his companies. They accused the prosecution's star witness
-- James M. Davis, the former chief financial officer for Stanford's various companies
-- of being behind the fraud and lying to get a reduced sentence. Three other former Stanford executives are scheduled for trial in September. A former Antiguan financial regulator was indicted and awaits extradition to the U.S. The financier's trial was delayed after he was declared incompetent in January 2011 due to an anti-anxiety drug addiction he developed in jail. He underwent treatment and was declared fit for trial in December. A U.S. Securities and Exchange Commission lawsuit that also accuses Stanford and his former executives of fraud is pending.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor