Monday , 23 May 2022
Breaking News
Home » World » USA & Canada » US billionaire pleads not guilty at court trail

US billionaire pleads not guilty at court trail

stanfordUS Billionaire Allen Stanford pleaded that he is not guilty and is innocent at trail. He is facing the charges of Fraud,conspirance and Obstruction . He will face upto Life Imprisonment if proved convicted. The fraud charge against the billionaire mounts upto $7 bn.The charges include seven counts of wire fraud, 10 counts of mail fraud, conspiracy to obstruct an investigation for the Securities and Exchange Commission, obstruction of an investigation by the SEC and conspiracy to commit money laundering.

Other than Sir Allen, Stanford Financial Group executives Laura Pendergest-Holt, 35, Gilberto Lopez, 66, and Mark Kuhrt, 37 are charged. Their plea will be on thursday hearing.

The justice department said the 50-page indictment accused Sir Allen and some of the other alleged co-conspirators of engaging in a scheme to defraud investors who purchased $7 bn in certificates of deposit from Stanford International Bank, located in Antigua.

It said they “promised returns that were too good to be true”.

A former head of Antigua’s financial services regulatory commission Leroy King is also  been arrested for the case by Antigua police, he is facing the corruption charges

Related stories:

The 21 things White House staff can't say to Obama
Claudette Strom Forms Near Florida
Kardashian Debit Card Cancelled
Young King Inspired By Time In Connecticut, Work On Farm
Time Magazine Person of the Year 2011 is 'The Protester'
Witness details Trayvon Martin's killing
Chipotle in Trouble For Hiring Illegal Workers
Mitt Romney Picks Ryan Paul As Running Mate!