Allen Stanford jury reaches verdict

Reuters News
Posted: Mar 06, 2012 12:49 PM

(Reuters) - A federal jury has reached a verdict in the trial of Texas financier Allen Stanford, who has been accused of running a more than $7 billion Ponzi scheme.

U.S. District Judge David Hittner in Houston said the verdict will be read at 11:45 a.m. CST (1745 GMT) on Tuesday.

Prosecutors accused Stanford of bilking investors with fraudulent certificates of deposit issued by his offshore bank in Antigua.

(Reporting By Anna Driver in Houston; Writing by Jonathan Stempel in New York)