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Friday
Jun152012

Ponzi Schemer R. Allen Stanford Sentenced to 110 Years in Prison

Aaron M. Sprecher/Bloomberg via Getty Images(HOUSTON) -- Disgraced financier R. Allen Stanford didn't get everything his victims said was coming to him.

The government had been seeking a 230-year prison term for the former Chairman and CEO of the Stanford Financial Group, who was found guilty of bilking $7 billion from customers in an elaborate Ponzi scheme.

On Thursday, a judge in Houston, said the 62-year-old businessman must spend 110 years behind bars, half of what prosecutors wanted. Stanford's lawyers were asking for 10 years, with time off for good behavior.

In addition, Stanford must compensate his victims to the tune of $5.9 billion.

He was found guilty earlier this year of taking money from customers who bought certificates of deposit so that he could enjoy a lavish lifestyle that included mansions and yachts.

Assistant U.S. Attorney William Stellmach described the widespread contempt felt for Stanford, saying, "From beginning to end, he's treated his victims like road kill."

Stanford told the court before sentencing that the prosecution and his former customers got it all wrong, claiming, "I've been called a lot of things -- arrogant, abrasive, a son of a gun, difficult, very opinionated and strong-willed.  But I am not a thief."

Despite the long sentence, it's not a record for a Ponzi scheme perpetrator.  That distinction still belongs to Bernie Madoff, who is in the midst of serving a 150-year sentence for his crimes.

Copyright 2012 ABC News Radio







ABC News Radio