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Jury finds Stanford guilty of fraud

Texas financier R. Allen Stanford has been found guilty of operating a ponzi scheme that defrauded nearly 30,000 people of investments totaling $7 billion.

A FEDERAL JURY in Houston, Texas has convicted former financier R. Allen Stanford on 13 of 14 counts of fraud relating to the operation of a worldwide ponzi scheme.

The Texan, best-known for his sponsorship of the high-profile Stanford 20/20 cricket tournament, is thought to have accumulated investments of nearly $7 billion over the two decades in which the scheme was operational.

The decision came at the culmination of a six-week trial, during which jurors heard testimony from a number of Stanford’s business associates and nearly 30,000 victims.

The most valuable contribution came courtesy of James M. Davis, Stanford’s former college roommate and chief financial officer, who explained the precise means by which the billionaire exchaged investments for high-interest certificates of deposit at the Stanford International Bank. The money was later used to fund a lavish personal lifestyle and a variety of unsuccessful business ventures.

Speaking to the New York Times’ Clifford Krauss, defense lawyers described the verdict as a “disappointment” and suggested federal prosecutors had engaged in disinformation:

“The government wants you to believe it was all a fraud,” said Robert A. Scardino, one of Mr. Stanford’s lawyers. “That’s just not what happened.”

Met with contrasting responses  from a courtroom audience that included members of the Stanford family and those who trusted their savings to the financier, the verdict is expected to serve as the foundation for a lengthy prison sentence.

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    Mute Ferg Breen
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    Feb 15th 2012, 3:36 PM

    What’s with the negativity?
    We may be boring at times but its working. Id rather win our group games 1-0 and be bored than loose 5-4 and be entertained.
    European Championships here we come!

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    Mute Begrudgy
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    Feb 15th 2012, 3:45 PM

    Whats the point in watching so? I would rather us have a go then play that boring tripe.

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    Mute Brian Fransisco Kealy
    Favourite Brian Fransisco Kealy
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    Feb 15th 2012, 4:45 PM

    http://www.zonalmarking.net/2011/11/16/trapattoni-ireland-tactics-euro-2012/

    We would be steam-rolled by any team with decent players. We don’t have great players so why should we kid ourselves? Everyone who says Trap is too boring now are the same people who would be calling for his head if we “had a go” and shipped a shed load of goals to Spain

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    Mute Kevin Maybury
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    Feb 16th 2012, 12:26 AM

    @brian we might not be the best team in the world but we are not as bad as trap allows us to be he doesnt pick the best players and when there is a chance to go for the win we rarely take it

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    Mute Kieran White
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    Feb 15th 2012, 4:07 PM

    i , for one cant wait for the Euro’s – Trap is doing a great job.

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    Mute Begrudgy
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    Feb 15th 2012, 3:37 PM

    England 5th???? Lol. B.S.

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    Mute Martin O Regan
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    Feb 15th 2012, 2:02 PM

    Who are we on about again
    The England B team is it .
    What rubbish .

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    Mute Dave McAuliffe
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    Feb 15th 2012, 2:34 PM

    Hey if you want John Terry, Ashley Cole, Rooney etc then off ya go, dont let the door hit your ass on the way out.

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    Mute Brian Fransisco Kealy
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    Feb 15th 2012, 4:41 PM

    So would you celebrate if we won something or just drown in your own pool of negativity?

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    Mute George Byrne
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    Feb 15th 2012, 5:15 PM

    Can anybody explain how Ireland’s FIFA ranking points increased from 864 to 893 in a month when they were not playing.

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    Mute Steven Smyth
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    Feb 15th 2012, 8:14 PM

    Eh…….no. Makes you wonder (and the fact England are in 5th)

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    Mute Kevin Collins
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    Feb 15th 2012, 9:35 PM

    cos recent results are weighted higher than older results. and some of our older results (i.e. under stan) were dragging us down but have now dropped off so our points average has gone up. simples.

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    Mute George Byrne
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    Feb 16th 2012, 4:57 PM

    Thanks Kevin.
    However, only results in January can impact the February rankings. In each of the four Januarys in question (2009-2012) Ireland were not playing so I think the mystery remains.

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    Mute Patrick Hynes
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    Feb 15th 2012, 9:02 PM

    Please god we’ll be higher after the euros.

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    Mute George Byrne
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    Feb 16th 2012, 5:15 PM

    Looking at Feb fixtures, a rankings of 17th in March is not out the question if we beat the Czech Rep

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    Mute Conor Reilly
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    Feb 15th 2012, 9:19 PM

    How were we third seeds for the Uefa Draw for brazil 2014?

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    Mute George Byrne
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    Feb 16th 2012, 5:08 PM

    Seedings for the qualifiers (Euro & WC) are based on the UEFA Coefficient not the FIFA rankings

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    Mute George Byrne
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    Feb 16th 2012, 5:47 PM

    Correction: Since 2006, WC qualifiers use the FIFA rankings.

    Ireland are ranked 13 (within Europe) by UEFA coefficient. UEFA coefficient excludes all results except last three tournaments (qualifiers & finals) of Euro & WC. Oldest gets a lower weighting.

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    Mute Steven Smyth
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    Feb 15th 2012, 10:11 PM

    Trappatoni looks like he’s waiting for his last number to be called at the bingo!

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