Allen Stanford $7bn Fraud Trial Reaches Last Stage

The case of Allen Stanford, the Texas financier accused of running a crooked Ponzi scheme that cost investors more than $7bn, has reached the closing stages.

Prosecutors and defence attorneys have presented their final arguments in the case which alleges that Stanford flushed away billions of investor funds on a "lavish lifestyle and his loser companies" as part of a fraud that spanned two decades, reported the Associated Press.

Prosecutors argued that Stanford was a thief and lied to investors about the safety of their investors' deposits in his Antigua-based Stanford International Bank. They said he pocketed billions of dollars by cheating his customers.

Defence attorneys said there was no evidence of Stanford cheating investors. They argued that he made money for his investors and was being targeted as he was rich.

Robert Allen Stanford, 61, who was said to be one of the wealthiest men in the US, was arrested in June 2009 on charges of fraud. His trial opened on 24 January, 2012 in Houston. He faces 14 charges. If Allen is found guilty, he could be sentenced to more than 20 years in prison.

Stanford, who has denied any wrongdoing, has not testified in the trial.