Judge Denies Motion for New Stanford Trial

A federal judge has denied a new trial request from R. Allen Stanford. The Houston financier was convicted of fraud earlier this month for running a Ponzi scheme that cost investors more than $7 billion. 

Stanford's attorneys argued he didn't get a fair trial. They cited pretrial publicity and said jurors might have seen tweets from reporters covering the trial. US District Judge David Hittner denied the motion in a brief order.

Stanford was convicted this month on thirteen fraud-related charges for misusing money from investors who bought certificates of deposit in his Caribbean bank. Prosecutors said he orchestrated the scheme to fund his businesses and lavish lifestyle. His attorneys said he was a legitimate businessman.

The 61-one-year-old Stanford is set be sentenced June 14. He faces a maximum of 230 years in prison.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...