Stanford Sentenced to 110 years over Ponzi Scheme

Allen Stanford, the former Texas billionaire convicted of an $7 billion Ponzi scheme, was sentenced to 110 years in prison by a U.S. federal judge on Thursday. Stanford, who was convicted of 13 felony counts of fraud and conspiracy and obstruction 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. In sentencing Stanford, U.S. District Judge David Hittner, who presided over his six-week trial earlier this year, called Stanford's actions one of the most "egregious criminal frauds." The 110-year sentence compared with 150 years handed down to Bernard Madoff, who pleaded guilty in March 2009 to running a Ponzi scheme. Continue reading this article

.