Former Antigua-based billionaire Allen Stanford, is to go on trial today, nearly three years after his arrest for fraudulent dealings.
The 61 year old pleaded not guilty to 14 criminal counts alleging he defrauded nearly 30,000 investors from 113 countries in a ponzi scheme.
The scheme reportedly involved bogus high-interest certificates of deposit at the Stanford International Bank headquartered in Antigua.
Prosecutors say the former financier, who was granted a knighthood in Antigua, skimmed money from investor funds to live a lavish lifestyle that included mansions, yachts and a private island.
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