“Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced Thursday to 110 years in prison for bilking investors out of more than $7 billion over 20 years in one of the largest Ponzi schemes in U.S. history,” Juan A. Lozano in the Associated Press.
The Houston financier was once considered one of the richest men in the U.S. with a net worth estimated at $2 billion in a time there were less American billionaires. Stanford was convicted of defrauding investors this spring, as previously reported in CEO Payday.
After being convicted on 13 of 14 counts, the prosecutors had asked for a sentence of 230 years following a seven-week trial. Stanford’s attorneys had asked for 44 months.
“Calling Stanford arrogant and remorseless, prosecutors said he used the money from investors who bought certificates of deposit, or CDs, from his bank on the Caribbean island nation of Antigua to fund a string of failed businesses, bribe regulators and pay for a lavish lifestyle that included yachts, a fleet of private jets and sponsorship of cricket tournaments,” according to Lozano. The convicted defendant’s reaction was simple, “I did not run a Ponzi scheme. I didn’t defraud anybody.”