Judge denies Stanford's motion for new trial

Friday, March 23, 2012
R. Allen Stanford

In this Wednesday, June 11, 2008 file photo, Sir R. Allen Stanford waves at Lords Cricket Ground in London. (AP Photo/Lefteris Pitarakis, File) (AP Photo)

A federal judge has denied a new trial request from former Texas financier R. Allen Stanford, who was convicted of fraud in a $7 billion Ponzi scheme.

Stanford's attorneys argued he didn't get a fair trial due to pretrial publicity and because jurors might have seen tweets from reporters covering the trial.

U.S. District Judge David Hittner denied the motion Thursday in a brief order.

Stanford was convicted this month on 13 fraud-related charges for misusing money from investors who bought certificates of deposit from his Caribbean bank.

Prosecutors said he orchestrated the scheme to fund his businesses and lavish lifestyle. His attorneys said he was a legitimate businessman.

The 61-year-old is set to be sentenced June 14 and could spend the rest of his life behind bars.

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