Seven of Allen Stanford's charges dropped

Friday 06 May 2011 00:00 BST

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Federal prosecutors have narrowed their criminal case against Allen Stanford, the Texas financier accused of running a $7 billion Ponzi scheme.

The government filed an amended, 14-count indictment in US District Court in Houston that drops five mail fraud counts and two wire fraud counts. It also dropped part of a conspiracy count.

Stanford, 61, could still face 20 years in prison if convicted on any of the fraud counts.

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Seven of Allen Stanford's charges dropped

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