Houston, TX – 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.
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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.
Madoff got a better deal. 150 years for 70 billion. Thats better then 110 years for a mesely 7 billion dollars.
Why is his prison green jump suit the same color as the guy behind -looks like 2 guys were convicted isn’t the one behind a marchal ?