Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Netanyahu deletes tweet featuring photo of James Foley

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014

Read more

FRANCE IN FOCUS

FRANCE IN FOCUS

Read more

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

  • Merkel in Kiev amid Russian aid convoy ‘escalation’

    Read more

  • US brands journalist’s beheading a ‘terrorist attack’

    Read more

  • ‘European GPS’ satellites launched into wrong orbit

    Read more

  • Philippines to repatriate UN troops in Liberia over Ebola fears

    Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Rights group sues US government over ‘deportation mill’

    Read more

  • Colombian army and FARC rebels begin work on ceasefire

    Read more

  • US National Guard starts to pull out of embattled Missouri town

    Read more

  • PSG fall flat once more against Evian

    Read more

  • Fed Chair says US job market still hampered by Great Recession

    Read more

  • August 22, 1914: The bloodiest day in French military history

    Read more

  • Central African Republic announces coalition cabinet

    Read more

  • Hamas publicly executes "informers"

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

Americas

Financier Stanford gets 110 years for $7 bn Ponzi fraud

Text by News Wires

Latest update : 2012-06-14

Texan financier and cricket tycoon Allen Stanford has been sentenced to 110 years in prison for perpetrating a $7 billion Ponzi scheme that swindled 30,000 people in over 100 countries. Stanford maintains he "didn't defraud anybody."

AP - Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced Thursday to 110 years in prison for bilking investors out of more than $7 billion over 20 years in one of the largest Ponzi schemes in U.S. history.

Prosecutors had asked that Stanford be sentenced to 230 years in prison, the maximum possible after a jury convicted the one-time billionaire in March on 13 of 14 counts of conspiracy, wire and mail fraud charges.

Stanford’s attorneys had asked for a maximum of 44 months, a sentence he could have completed in less than a year. He has been jailed since his arrest in June 2009.

Stanford gave rambling statement to the court Thursday in which he denied he did anything wrong. He 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 their money back.

“I’m not here to ask for sympathy or forgiveness or to throw myself at your mercy,” Stanford told U.S. District Judge David Hittner. “I did not run a Ponzi scheme. I didn’t defraud anybody.”

Stanford was once considered one of the richest men in the U.S., with an estimated net worth of more than $2 billion. His financial empire stretched from the U.S. to Latin America and the Caribbean. But after his arrest, all of his assets were seized and he had to rely on court-appointed attorneys to defend him.

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.

Defense attorneys portrayed Stanford, 62, as a visionary entrepreneur who made money for investors and conducted legitimate business deals. They accused the prosecution’s star witness - James M. Davis, the former chief financial officer for Stanford’s various companies - of being behind the fraud and tried to discredit him by calling him a liar and tax cheat.

The jury that convicted Stanford also cleared the way for U.S. authorities to go after about $330 million in stolen investor funds sitting in the financier’s frozen foreign bank accounts in Canada, England and Switzerland.

But due to legal wrangling, it could be years before the more than 21,000 investors recover anything, and whatever they get will only be a fraction of what they lost.

The financier’s trial was delayed after he was declared incompetent in January 2011 due to an anti-anxiety drug addiction he developed in jail. He underwent treatment and was declared fit for trial in December.

Three other former Stanford executives are scheduled for trial in September. A former Antiguan financial regulator was indicted and awaits extradition to the U.S.

Stanford and his former executives also are fighting a lawsuit from the U.S. Securities and Exchange Commission that accuses them of fraud.

 

Date created : 2012-06-14

  • FINANCE - SCANDAL

    Financier Stanford found guilty of $7 billion Ponzi scheme

    Read more

  • USA

    Madoff says banks 'had to know' about Ponzi scheme

    Read more

COMMENT(S)