Reuters on June 14, 2012 released the following:
“By Anna Driver and Eileen O’Grady
(Reuters) – Allen Stanford, the former Texas billionaire convicted of an $7 billion Ponzi scheme, was sentenced to 110 years in prison by a U.S. federal judge on Thursday.
Stanford, who was convicted of 13 felony counts of fraud and conspiracy and obstruction by a Houston jury in March, used fraudulent certificates of deposit issued by his offshore bank in Antigua to bilk thousands of investors out of their savings.
In sentencing Stanford, U.S. District Judge David Hittner, who presided over his six-week trial earlier this year, called Stanford’s actions one of the most “egregious criminal frauds.”
The 110-year sentence compared with 150 years handed down to Bernard Madoff, who pleaded guilty in March 2009 to running a Ponzi scheme.
Speaking before his sentencing on Thursday, Stanford denied defrauding anyone and blamed the U.S. government for ruining his business by seizing his assets. “They destroyed it and turned it to nothing,” he said. “Stanford was a real brick-and-mortar global financial empire.”
Prosecutors had asked for a 230-year sentence, arguing in court papers that Stanford’s crime was “one of the most egregious frauds in history.”
Stanford’s attorneys had asked for a sentence of about three years, or the same amount of time the 62-year-old has been in federal custody.”
Douglas McNabb – McNabb Associates, P.C.’s
Federal Criminal Defense Attorneys Videos:
To find additional federal criminal news, please read Federal Criminal Defense Daily.
Douglas McNabb and other members of the U.S. law firm practice and write and/or report extensively on matters involving Federal Criminal Defense, INTERPOL Red Notice Removal, International Extradition Defense, OFAC SDN Sanctions Removal, International Criminal Court Defense, and US Seizure of Non-Resident, Foreign-Owned Assets. Because we have experience dealing with INTERPOL, our firm understands the inter-relationship that INTERPOL’s “Red Notice” brings to this equation.
The author of this blog is Douglas C. McNabb. Please feel free to contact him directly at email@example.com or at one of the offices listed above.