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

SEC to Sue Securities Investor Protection Corporation CNBC has confirmed that the Securities and Exchange Commission is making good on its threat to sue the Securities Investor Protection Corporation in an attempt to force SIPC to cover investors in Allen Stanford’s alleged $7 billion Ponzi scheme. Read more Source: Getty Images
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SEC to Sue Securities Investor Protection Corporation

CNBC has confirmed that the Securities and Exchange Commission is making good on its threat to sue the Securities Investor Protection Corporation in an attempt to force SIPC to cover investors in Allen Stanford’s alleged $7 billion Ponzi scheme.

Read more

Source: Getty Images

Source: cnbc.com

New Libyan Government Wants Its Stanford Money Back With the global financial crisis bearing down on him in late-January, 2009, financier Allen Stanford traveled to Libya in search of a lifeline—money from the Gaddafi regime, whose sovereign wealth funds had been investing with Stanford for some time. Read more Source: Getty Images
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New Libyan Government Wants Its Stanford Money Back

With the global financial crisis bearing down on him in late-January, 2009, financier Allen Stanford traveled to Libya in search of a lifeline—money from the Gaddafi regime, whose sovereign wealth funds had been investing with Stanford for some time.

Read more

Source: Getty Images

Source: cnbc.com

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