HOUSTON, Texas, June 14, CMC – The Texas tycoon R. Allen Stanford, whose financial empire was based in Antigua, was sentenced Thursday to 110 years in prison for masterminding a seven billion Ponzi scheme over a 20-year-period.
U.S. District Judge David Hittner handed down the sentence at a hearing in which two victims of the scheme, spoke on behalf of Stanford’s investors about the impact of the fraud on their lives.
Federal prosecutors had asked that Stanford be sentenced to 230 years in prison, the maximum sentence possible after a jury convicted the one-time billionaire in March on 13 of 14 fraud-related counts.
The 62-year-old, who bankrolled the lucrative Stanford Twenty20 in the Caribbean, was found guilty of 13 felony counts of fraud and conspiracy in March, after using his Stanford International Bank (SIB) in Antigua to underwrite the scheme in which money contributed by new investors was used to repay expected returns to older accounts.
Stanford’s convictions on conspiracy, wire and mail fraud charges followed a seven-week trial.