Stanford jailed for 110 years for US$7b fraud
Source: Agencies |
June 16, 2012, Saturday
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FORMER billionaire Allen Stanford has been sentenced to 110 years in prison for running a US$7 billion scheme in which he stole money from his investors to finance an extravagant lifestyle in the Caribbean.
US District Judge David Hittner said on Thursday Stanford's actions were among the most "egregious criminal frauds," and investors who lost money said Stanford's crimes were worse than those of Bernard Madoff, another Ponzi schemer.
In March, a jury convicted Stanford, 62, of 13 charges including fraud and conspiracy for selling certificates of deposit from his bank in Antigua to thousands of investors in the United States and Latin America. He spent some proceeds on yachts, girlfriends, sponsorship of a cricket tournament and other accoutrements of a high-rolling life.
Stanford denied fraud or running a Ponzi scheme and blamed the US government for ruining a business he said had enough assets to repay depositors. "They destroyed it and turned it to nothing," he said. Stanford insisted: "I am not a thief."
Prosecutor William Stellmach told the judge: "This is a man utterly without remorse. He treated victims like roadkill."
One victim, Angela Shaw, said Stanford preyed on retired teachers, veterans and refinery workers - unlike Madoff, who targeted the rich. "He stole more than millions. He stole our lives as we knew them," Shaw said.
Madoff pled guilty in 2009 to running a Ponzi scheme and is serving a 150-year sentence.
Attorneys who have followed the Stanford case said the sentence was justified. "The number can be justified by the size of the money involved, the lack of remorse and no acceptance of responsibility," said Wendell Odom, a Houston-based attorney.
During a six-week trial earlier this year, jurors heard how Stanford International Bank in Antigua issued certificates of deposit with above market interest rates peddled by brokers. Customers in the United States and Latin America were promised a safe, highly liquid investment, but Stanford invested the money in real estate, and private equity companies.
He also spent the funds building a lavish lifestyle.
Defense attorney Ali Fazel said the sentence would be appealed.
It has not yet been decided where Stanford will serve his sentence.
US District Judge David Hittner said on Thursday Stanford's actions were among the most "egregious criminal frauds," and investors who lost money said Stanford's crimes were worse than those of Bernard Madoff, another Ponzi schemer.
In March, a jury convicted Stanford, 62, of 13 charges including fraud and conspiracy for selling certificates of deposit from his bank in Antigua to thousands of investors in the United States and Latin America. He spent some proceeds on yachts, girlfriends, sponsorship of a cricket tournament and other accoutrements of a high-rolling life.
Stanford denied fraud or running a Ponzi scheme and blamed the US government for ruining a business he said had enough assets to repay depositors. "They destroyed it and turned it to nothing," he said. Stanford insisted: "I am not a thief."
Prosecutor William Stellmach told the judge: "This is a man utterly without remorse. He treated victims like roadkill."
One victim, Angela Shaw, said Stanford preyed on retired teachers, veterans and refinery workers - unlike Madoff, who targeted the rich. "He stole more than millions. He stole our lives as we knew them," Shaw said.
Madoff pled guilty in 2009 to running a Ponzi scheme and is serving a 150-year sentence.
Attorneys who have followed the Stanford case said the sentence was justified. "The number can be justified by the size of the money involved, the lack of remorse and no acceptance of responsibility," said Wendell Odom, a Houston-based attorney.
During a six-week trial earlier this year, jurors heard how Stanford International Bank in Antigua issued certificates of deposit with above market interest rates peddled by brokers. Customers in the United States and Latin America were promised a safe, highly liquid investment, but Stanford invested the money in real estate, and private equity companies.
He also spent the funds building a lavish lifestyle.
Defense attorney Ali Fazel said the sentence would be appealed.
It has not yet been decided where Stanford will serve his sentence.
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