HOUSTON – Prosecutors are set to begin presenting their case against jailed Texas financier R. Allen Stanford, who is accused of orchestrating a vast Ponzi scheme and defrauding investors out of more than $7 billion.
Jury selection in the 61-year-old Stanford's trial in federal court in Houston was to conclude Tuesday with opening statements expected later in the day. He is charged with 14 counts, including mail and wire fraud, and could face up to 20 years if convicted.
Prosecutors say Stanford built an empire of banks and businesses in the U.S., Latin America and the Caribbean by operating a Ponzi scheme that centered on sales of certificates of deposit from an Antiguan bank he owned.
Stanford denies any wrongdoing and says he ran legitimate businesses.
