High Court Rejects Texas Man’s Appeal On Ponzi Scheme
WASHINGTON (AP) — The Supreme Court has declined to disturb the conviction of former Texas tycoon R. Allen Stanford on fraud, conspiracy and obstruction charges.
The justices had no comment Monday on their order rejecting Stanford's appeal of his 2012 conviction for running a Ponzi scheme that bilked investors out of $7.2 billion. He was sentenced to 110 years in prison.
Stanford argued that the government deprived him of using his lawyer of choice by unfairly freezing all his global assets, including money untainted by fraud. He also said the government used evidence that was illegally seized by the U.S. Securities and Exchange Commission.
A federal appeals court denied his appeals in 2015.