Allen Stanford was sentenced to spend 110 years in prison by United States District Judge David Hittner in Houston, Texas.
Stanford was the head of Stanford Financial Group. Through it and related companies, including Stanford International Bank, an offshore bank in Antigua, he lost or consumed billions of dollars of investors’ savings. Losses have been estimated to be at least $5.9 billion.
In February 2009, a Receiver was appointed for the companies at the request of the Securities and Exchange Commission by United States District Judge David Godbey, in Dallas, Texas. The sec alleged that Stanford used a Ponzi scheme to perpetrate a massive fraud on thousands of investors.
At his sentencing hearing today, Stanford blamed the government for acting too quickly to seize and liquidate the companies. He also continued to deny any wrongdoing, claiming to be “at peace” with his business practices, despite being convicted by a federal jury in March of this year of eleven different crimes, including wire fraud and money laundering.
The government requested the maximum of 230 years. Stanford’s lawyer requested just 10 years. Judge Hittner sentenced Stanford to 110 years, and also approved a judgment that imposes personal liability on Stanford for $5.9 billion.
Barring a successful appeal, Stanford, 62, will spend the rest of his life in prison.
Meanwhile, investors have been given a deadline of September 1, 2012 to file claims with the Receiver appointed by Judge Godbey. What percentage of their investments they will recover has not yet been determined.