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Stanford trial deliberations enters 3rd full day

Published: Monday March 5, 2012 | 3:00 pm Comments 0

A federal jury has continued deliberations in the fraud trial of jailed Texas tycoon R. Allen Stanford on charges he bilked US$7 billion from investors in a massive Ponzi scheme.

Jurors in Houston continued deciding Stanford's fate on Monday.

The jury has been deliberating since last Wednesday.

Defense attorneys told jurors that Stanford made money for investors who bought certificates of deposit from his Caribbean bank.

Prosecutors countered that Stanford took investors' money and flushed it away on failed businesses and a lavish lifestyle.

If convicted, Stanford could be sentenced to more than 20 years in prison. His trial began January 23.

AP

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