R. Allen Stanford Sentenced to 110 years for Ponzi Scheme Conviction

A former Texas billionaire has been sentenced to a lengthy prison sentence for an investment fraud scheme.

R. Allen Stanford has been sentenced to 110 years in prison for orchestrating one of the biggest ponzi schemes in U.S. history over two decades.

The Sentence was handed down Thursday in Houston by U.S. District Judge David Hittner. Stanford learned his fate during a court hearing in which two people spoke for the investors about their losses in the ponzi scheme.

A jury on March 6^th of this year convicted the 62-year old Stanford on 13 of 14 counts related to fraud in which Stanford took over $7 billion from his victims. The jury also allowed bank accounts abroad tied to Stanford to seize $330 million.

Stanford’s attorneys argued he was a legitimate businessman and just lost the money due to market conditions.