Ponzi Schemer Stanford Gets 110 Years

Texas financier called 'ruthless predator' by prosecutors
By John Johnson,  Newser Staff
Posted Jun 14, 2012 12:33 PM CDT
In this March 6, 2012, file photo, R. Allen Stanford leaves the Bob Casey Federal Courthouse in Houston.   (AP Photo/Houston Chronicle, Nick de la Torre, File)

(Newser) – R. Allen Stanford's epic fall from billionaire to imprisoned fraudster came to a conclusion today as a judge sentenced him to 110 years in prison, reports the Wall Street Journal. Stanford was convicted in March of bilking investors in a $7 billion Ponzi scheme that spanned 20 years. Prosecutors sought 230 years, calling him a "ruthless predator" who orchestrated one of the biggest frauds in history. Stanford's lawyers hoped to get him out on time already served.

Investors weren't having any of that: "You, sir, are a dirty rotten scoundrel," said one of the victims allowed to address the court, notes Forbes. (Read more Robert Allen Stanford stories.)

My Take on This Story
Show results without voting  |