Stanford waits to learn fate in fraud trial

HOUSTON,TX. (AP) - Jailed Texas tycoon R. Allen Stanford waits to learn his fate.
Jurors in the financier's fraud trial in Houston resumed deliberations in federal court Thursday.

The jury deliberated about two hours Wednesday after hearing closing arguments from prosecutors and defense attorneys.

Defense attorneys told jurors Stanford created thousands of jobs through his legitimate business empire and never failed to repay investors who bought certificates of deposit, or CDs, from his Caribbean bank.

Prosecutors countered that Stanford bilked investors out of more than $7 billion through CD sales and flushed away their money on a "lavish lifestyle and his loser companies."

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

(Copyright 2012 The Associated Press. All rights reserved.)

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