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Stanford gets 110 years in prison for Ponzi scheme


 

Allen Stanford, the Texas-born mastermind behind a $7 billion Ponzi scheme, has been sentenced to 110 years in prison by a U.S. court, according to the Associated Press.

In March, a jury had convicted Stanford, who has been in Jail since 2009, concluding he had deceived his investors.

The AP report shows how prosecutors in the case see Stanford as a poster child for the rich and greedy:

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.

Stanford, for his part, seems to not have helped himself with a long rambling about his situation:

Speaking for more than 40 minutes, Stanford said he was a scapegoat and blamed the federal government and a U.S. appointed receiver who took over his companies for tearing down his business empire and preventing his investors from getting any of their money back. “I’m not here to ask for sympathy or forgiveness or to throw myself at your mercy,” (…) “I did not run a Ponzi scheme. I didn’t defraud anybody.”


 
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