Wednesday, June 13, 2012

Sir Allen Stanford Facing 230 Years

In June 2008, Sir Allen Stanford landed his helicopter on the turf at Lord's with a box full of cash and the world seemingly at his feet.

Almost four years to the day he will sit in court in Texas facing the prospect of a 230-year jail sentence.

Prosecutors have described the tycoon as a "ruthless predator" whose $7bn "Ponzi" scheme was among the biggest frauds ever undertaken.

It is a world away from the moment Stanford announced his arrival on the international stage by bankrolling a multi-million pound Twenty20 challenge between England and the West Indies.

Once named the 605th richest person in the world, Stanford was convicted in March of orchestrating a 20-year scheme that took in billions through the sale of bogus certificates of deposit from his Caribbean bank.

Thousands of victims are still trying to get their money back and the jury at his trial decided that federal authorities should try to seize $330m in frozen funds that Stanford stashed in 29 foreign bank accounts. Read More