R. Allen Stanford Sentenced to 110 Years in Prison

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Former Texas tycoon R. Allen Stanford has been sentenced to 110 years in prison as a result of bilking investors out of $7 billion over a span of 20 years. The sentence was given on Thursday by U.S. District Judge David Hittner during a court hearing. During the hearing, two people spoke on the behalf of Stanford’s investors and how the Ponzi scheme influenced their lives.

The prosecutors working on the case asked for a 230 year sentence for Stanford, which would be the max penalty allowed after a jury conviction. Stanford was convicted on 13 of 14 counts, all of them related to fraud. A trial that lasted seven weeks saw Stanford convicted on mail fraud, wire fraud and conspiracy. The defense attorneys asked for a 44 month sentence, which would have ended after eight months because Stanford has been in jail since being arrested back in June of 2009.

  

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“I’m not here to ask for sympathy or forgiveness or to throw myself at your mercy,” Stanford told Hittner. “I did not run a Ponzi scheme. I didn’t defraud anybody.”

At one time, Stanford was considered to be one of the richest men in the United States, with a net worth of over $2 billion. His empire included the United States, the Caribbean and Latin America. Stanford’s assets were seized after his arrest, causing him to use court-appointed attorneys for his case.

Three former executives of Stanford are scheduled to stand trial this September while a former Antiguan financial regulator has been indicted in the case and is waiting for his extradition to the United States.