Financier Allen Stanford Sentenced to 110 Years for Fraud

The 62-year-old Texan banker, who faced a maximum sentence of 230 years, was convicted of cheating more than 30,000 people who purchased certificates of deposit from Stanford International Bank in Antigua, the Spanish news agency EFE reports.

Flamboyant U.S. financier Allen Stanford was sentenced Thursday to 110 years in federal prison for defrauding investors to the tune of $7 billion.
The Texan banker was convicted of cheating more than 30,000 people who purchased certificates of deposit from Stanford International Bank in Antigua.
Stanford attracted clients with above-market interest rates and a promise their money would be safe, but invested the funds in real estate and hedge funds.
The 62-year-old erstwhile billionaire faced a maximum sentence of 230 years.
In a statement at Thursday’s sentencing in Houston, Stanford said he never intended to defraud anyone and blamed the U.S. government for wrecking his business.
“They destroyed it and turned it to nothing,” he said.
The main witness against Stanford was James M. Davis, the CFO of Stanford International Bank and a college buddy of the defendant.
Stanford’s entire operation was a fraud, according to Davis, who said the financier bribed authorities in Antigua to facilitate the scheme.

For the original report go to http://www.laht.com/article.asp?ArticleId=519348&CategoryId=10718

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