In a blow to the victims of Allen Stanford’s $7 billion Ponzi scheme, a federal district judge ruled on Tuesday that US securities regulators cannot force an industry-backed fund to start court proceedings so that victims can file claims.

Allen Stanford expects to appeal his fraud conviction, his lead attorney has said, moments after a jury found the former financier guilty of masterminding a US $7 billion Ponzi scheme through his Stanford International Bank based here.

One of the victims of Allen Stanford’s fraud yesterday called for him to be locked away for life, while a former employee expressed sadness at his ex-boss’ conviction.

A defence lawyer strove Tuesday to paint R Allen Stanford’s chief accuser as a liar and thief who engineered the financial manipulations that brought down Stanford’s multibillion dollar financial network and led to fraud charges against him.

A jury was told Monday that billions of assets the Stanford International Bank (SIB) held in Antigua had been placed in a mysterious portfolio known as Tier III and controlled by the disgraced Texan financier and a few other people.

Attorney General Justin Simon, QC, on Friday, said though small in size and significant on the world stage, Antigua & Barbuda is a sovereign nation that will not be cowered by a resolution in the US Senate seeking to blackball the country.

After waiting nearly a year for a court to hear his appeal against his extradition committal, lawyers for former Chief Executive Officer (CEO) of the Financial Services Regulatory Commission (FSRC) Leroy King yesterday began oral arguments in the High Court.