Former billionaire gets 110 years for Ponzi scheme
ASSOCIATED PRESS June 14, 2012 12:52PM
FILE - In this March 6, 2012 file photo, R. Allen Stanford leaves the Bob Casey Federal Courthouse in Houston. Stanford, once considered one of the wealthiest people in the U.S., with a financial empire that spanned the Americas, was convicted on charges he bilked investors out of more than $7 billion. The 62-year-old is set to be sentenced by a Houston federal judge on Thursday, June 14, 2012. (AP Photo/Houston Chronicle, Nick de la Torre, File)
Updated: June 14, 2012 1:08PM
HOUSTON — Former Texas billionaire R. Allen Stanford has been sentenced to 110 years in prison for orchestrating one of the largest Ponzi schemes in U.S. history.
The sentence was handed down Thursday by U.S. District Judge David Hittner in Houston.
The financier learned his fate during a court hearing in which two people spoke on behalf of investors about their losses.
A jury in March convicted the 62-year-old Stanford on 13 of 14 fraud-related counts for taking more than $7 billion from investors.
The jury also cleared the way for U.S. authorities to seize millions in bank accounts connected to Stanford.
Prosecutors say Stanford orchestrated a 20-year scheme that took billions through the sale of certificates of deposit from his Caribbean bank.
Stanford’s attorneys argued he was a legitimate businessman.