Thursday, June 14, 2012

Allen Stanford sentenced to 110 years in prison

CHICAGO — Financier and cricket mogul Allen Stanford was sentenced to 110 years in jail for a $7 billion Ponzi scheme Thursday, closing the book on the flamboyant ex-tycoon's stunning fall from grace.

The verdict will bring some satisfaction -- but likely little financial relief -- to 30,000 investors from more than 100 countries who were bilked by bogus investments with Stanford International Bank.

Investigators could not find 92 percent of the $8 billion the bank said it had in assets and cash reserves.

Stanford, 62, has spent the past three years in jail after being deemed a flight risk. He will likely never taste freedom again.

US district judge David Hittner handed down the lengthy sentence at a hearing in Houston, Texas, a spokeswoman for the US attorney's office told AFP.

Badly beaten in a jailhouse brawl, Stanford was temporarily declared unfit for trial after he became addicted to painkillers while also on antidepressants.

He tried to have his case completely dismissed after claiming that the beating and drugs destroyed his memory, but the judge denied the request. Read More