Big spending banker convicted

Two years ago the online gambling news sites often featured the big-spending and high profile activities on an Antiguan-based billionaire banker named R. Allen Stanford, who was reportedly linked to several online gambling operators.

Then details of a $7 billion US investment fraud scheme emerged and the high flyer was arrested, dropping off the news pages. He has been incarcerated ever since on fears that he may skip bail.

This week the 61-year-old financier’s name was back in the news, and not in a good way, convicted on 13 of 14 counts according to reports on the Bloomberg business news website.

A federal court in Houston, Texas found him guilty of a slew of charges that included wire and mail fraud and obstructing a federal regulatory investigation. That could mean up to 20 years in prison on each offence when sentencing is handed down

Bloomberg reports that prosecutors are asking the court to seize about $300 million in 36 bank accounts located in the U.K., Switzerland, Canada, Antigua and Florida.

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