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March 8, 2012

Stanford Convicted in $8 Billion Ponzi Scheme 
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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.



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