Financier sentenced to 110 years in Ponzi case
R. Allen Stanford, the Texas financier convicted of fleecing 30,000 investors from 113 countries in a $7 billion Ponzi scheme, was sentenced Thursday to 110 years in jail.
A federal jury in March convicted Stanford of 13 out of 14 counts of fraud in connection with a worldwide scheme over more than two decades in which he offered fraudulent high-interest certificates of deposit at the Stanford International Bank, which was based on the Caribbean island of Antigua.
Prosecutors argued that Stanford had consistently lied to investors.
He was acquitted of one count of wire fraud.
