Monday, March 12, 2012
Prosecutors have reportedly initiated a new trial aimed at asset recovery from former Antigua-based billionaire 61-year-old Allen Stanford.
Following Stanfords conviction on Tuesday, March 6, a prosecutor reportedly asked jurors to allow federal authorities to seize US$330 million from nearly 30 accounts controlled by the Texas tycoon and others.
The prosecutor said the funds are proceeds from the massive Ponzi scheme.
If the jury decides the US$330 million can be traced back to CD depositor funds, federal authorities can then attempt to seize the money that has been frozen in the accounts.
Stanfords attorney counter that prosecutors did not prove that all of the money from these accounts which belonged to Stanford, his companies and one of his girlfriends can be connected back to investors.
Stanford faces up to 20 years in prison. If he is ordered to serve his sentences consecutively, he could spend the rest of his life behind bars