Allen Stanford Sentenced to 110 Years for Ponzi Scheme Allen Stanford, the former Texas billionaire convicted of a $7 billion Ponzi scheme, was sentenced to 110 years in prison by a U.S. federal judge on Thursday. U.S. District Judge David Hittner called Stanford’s crime one of the worst in history with thousands of victims. But he stopped well short of the maximum 230-year sentence prosecutors had asked for. Hittner also ordered Stanford to forfeit $5.9 billion, which prosecutors said represented the losses of his 28,000 victims. Around 20 of the victims crowded into the courtroom for the two-hour hearing, all of them dressed in black in a show of solidarity. Full Story Photo: AP
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Allen Stanford Sentenced to 110 Years for Ponzi Scheme

Allen Stanford, the former Texas billionaire convicted of a $7 billion Ponzi scheme, was sentenced to 110 years in prison by a U.S. federal judge on Thursday.

U.S. District Judge David Hittner called Stanford’s crime one of the worst in history with thousands of victims. But he stopped well short of the maximum 230-year sentence prosecutors had asked for.

Hittner also ordered Stanford to forfeit $5.9 billion, which prosecutors said represented the losses of his 28,000 victims.

Around 20 of the victims crowded into the courtroom for the two-hour hearing, all of them dressed in black in a show of solidarity.

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Photo: AP

Source: cnbc.com

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