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
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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.