HOUSTON - 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.
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.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.