Allen Stanford faces decades behind bars after being convicted of a $7 billion fraud that snared investors in 113 countries
A MONTH after Sir Fred Goodwin was stripped of his title for leaving Royal Bank of Scotland shredded, another erstwhile knight of the financial-services realm has been put in his place—this time a jail cell. Allen Stanford faces decades behind bars after being convicted of a $7 billion fraud that snared investors in 113 countries, from Latin America to Libya. When in 2008 the sky fell in on Bernard Madoff, the only fraudster to have taken investors for more, the Texas-born Mr Stanford was still swaggering. He had done so much for Antigua, the Caribbean island where he based his empire, that it made him a Sir. He took to the airwaves to tut-tut rivals who had been felled by subprime mortgages. His star rose further when he sponsored an international cricket tournament. He was said to be worth over $2 billion. He certainly lived like he was. Within a few months, however, the authorities had swooped in, closing his Antigua-based bank and his brokerage operations. Prosecutors...