- Chinese Death Star: The moon cited as the perfect launch pad for ballistic missiles
- Help wanted: Homeland Security plagued by vacancies at the top
- We are not amused: Queen’s protection officers warned to keep ‘sticky fingers’ off the royal cashews
- Unleash the crossbows: Gov. Scott Walker creates new hunting season
- Bubonic plague kills 20 in Madagascar
- G-20 diplomats fell for hacker attack promising nude photos of former French first lady Carla Bruni
- Minnesota guardsman charged with stealing private soldier data for fake IDs
- Florida appeals court rules universities can’t regulate guns
- Vladimir Putin defends Russian conservative values
- Tea Party Patriots call key GOP firing a declaration of war
Stanford gets 110 years in Ponzi plot
Bilked investors out of $7 billion over 20 years
Question of the Day
HOUSTON | Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced Thursday to 110 years in prison for bilking investors out of more than $7 billion over 20 years in one of the largest Ponzi schemes in U.S. history.
Prosecutors had asked that Stanford be sentenced to 230 years in prison, the maximum sentence possible after a jury convicted the onetime billionaire in March on 13 of 14 fraud-related counts. Stanford’s convictions on conspiracy, wire and mail fraud charges followed a seven-week trial.
Stanford’s attorneys had asked for a maximum of 44 months, a sentence he could have completed within about eight months because he has been jailed since his arrest in June 2009.
During Thursday’s sentencing hearing, Stanford gave a rambling statement to the court in which he denied he did anything wrong. Speaking for more than 40 minutes, Stanford said he was a scapegoat and blamed the federal government and a U.S. appointed receiver who took over his companies for tearing down his business empire and preventing his investors from getting any of their money back.
Stanford was once considered one of the richest men in the U.S., with an estimated net worth of more than $2 billion. His financial empire stretched from the U.S. to Latin America and the Caribbean. But after his arrest, all of his assets were seized and he had to rely on court-appointed attorneys to defend him.
Calling Stanford arrogant and remorseless, prosecutors said he used the money from investors who bought certificates of deposit from his bank on the Caribbean island nation of Antigua to fund a string of failed businesses, bribe regulators and pay for a lavish lifestyle that included yachts, a fleet of private jets and sponsorship of cricket tournaments.
Defense attorneys portrayed Stanford, 62, as a visionary entrepreneur who made money for investors and conducted legitimate business deals. They accused the prosecution’s star witness - James M. Davis, the former chief financial officer for Stanford’s various companies - of being behind the fraud and tried to discredit him by calling him a liar and tax cheat.
The jury that convicted Stanford also cleared the way for U.S. authorities to go after about $330 million in stolen investor funds sitting in the financier’s frozen foreign bank accounts in Canada, England and Switzerland.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
By Matt Kibbe
The short-term deal will assure long-term overspending
- Obama's Afghanistan experts stumped on U.S. death toll, war costs during hearing
- NAPOLITANO: A conspiracy so vast
- House pushes through two-year Ryan-Murray budget deal
- Comma on!: Twitter erupts over Obama-Castro 'marriage'
- N. Korean news agency: Kim Jong Un's uncle executed
- Biden guarantees victory on immigration reform
- Jane Fonda Foundation fails to make single contribution in 5 years: report
- All-out war breaks out in GOP over budget pact
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- White House improvises again on patchy Obamacare rollout
Independent voices from the The Washington Times Communities
Born in 1930 in rural Missouri, Charles Vandegriffe, Sr., brings his time and place to the Communities.
Columns from Voices around the World talking about the events, people, politics and social issues that concern us wherever, and whoever, we are.
Chef Mary Moran discusses the food we eat, where it comes from and what it does for us.
An informed and often humorous take on the world of advertising, public relations and social media. 100% Pure. Not from concentrate.
Extraordinary day at Redskins Park
White House pets gone wild!
Let it snow