GO
Loading...

Enter multiple symbols separated by commas

US Can Try for $330 Million in Allen Stanford Accounts

A jury has ruled U.S. authorities can try to seize $330 million from foreign bank accounts controlled by convicted Texas fraudster R. Allen Stanford.

Allen Stanford
Getty Images
Allen Stanford

A federal court jury in Houston determined Thursday there was sufficient evidence the frozen funds were among the $7 billion investors lost in a Ponzi scheme Stanford operated over 20 years.

The same jury convicted Stanford this week on 13 of 14 fraud-related counts.

Thursday's decision doesn't mean U.S. authorities will get the money. Others are also vying for control of much of it.

Stanford could be sentenced to spend the rest of his life in prison. U.S. District Judge David Hittner set a June 14 sentencing date.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Dani Mathers, the 2015 Playmate of the Year, poses during a luncheon on the garden grounds of the Playboy Mansion in Los Angeles, May 14, 2015.

    Playboy on Thursday launched its completely safe-for-work mobile app Playboy NOW, part of a strategy to make more mainstream content.

  • Li Hejun, Hanergy Holding Group

    In the history of sudden wealth loss, Li Hejun may have set a new record.

  • Marc Cuban

    Ask Mark Cuban what the next big thing in technology is, you'll get an answer straight out of a science fiction film.

U.S. Video

  • Restoring relations with Cuba

    I never expected to get this far, says Carlos Gutierrez, Albright Stonebridge Group, discussing the road ahead in establishing an embassy in Cuba and possible stumbling blocks, including banking issues.

  • Central bank 'coddling' markets: Pro

    Mike Ryan, UBS chief investment strategist, and Anthony Chan, Chase chief economist, share their outlook on markets ahead of Janet Yellen's speech later today.

  • Summer stock moves

    CNBC's Dominic Chu takes a look at the old adage: "Sell in May and go away," to see if there are some stocks investors may want to put on summer retreat this year.