Democracy Now: Stanford Convicted in $8 Billion Ponzi Scheme
The Texas billionaire R. Allen Stanford has been convicted of running a massive Ponzi scheme that defrauded victims of around $8 billion. Stanford was found guilty of using his Antigua-based bank to defraud investors by selling them phony certificates of deposit. It was the biggest known case of investment fraud since the Ponzi scheme run by New York financier Bernie Madoff.
