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Ex billionaire gets 110 years in prison

June 14 2012 at 07:30pm
By Reuters

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AllenStanford

REUTERS

Convicted financier Allen Stanford, who faces time in prison for his $7 billion Ponzi scheme, arrives at Federal Court in Houston for sentencing June 14, 2012. In a demand more likely to remain symbolic than be fulfilled, the US government wants Allen Stanford to forfeit $5.9 billion from his massive Ponzi scheme, even though the convicted financier has been declared indigent. The demand requires court approval, and was made two days before Stanford, who was once considered a billionaire, is to be sentenced for operating a multi-billion dollar fraud. Stanford, 62, could spend the rest of his life behind bars.

Allen Stanford, the former Texas billionaire convicted of a $7 billion Ponzi scheme, was sentenced to 110 years in prison by a US federal judge on Thursday.

Stanford, who was found guilty of 13 felony counts of fraud and conspiracy by a Houston jury in March, used fraudulent certificates of deposit issued by his offshore bank in Antigua to bilk thousands of investors out of their savings. - Reuters


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