Allen Stanford sentenced to 110 years in prison

Texan billonaire Allen Stanford, whose convicted Ponzi-schemer was sentenced to 110 years in prison by a U.S. federal judge on Thursday The scheme was described as one of the largest in US history , AP reported

Stanford , Forbes Magazine listed him as the 605th richest man in the world in 2006. was convicted by a jury in March on 13 of 14 for fraud investors out of more than $7 billion over 20 years

Angela Shaw,one of his victims told the judge in court : "Allen Stanford has stolen more than billions of dollars. He took our lives as we knew them." She said some 28,000 people had lost money in the scam. according to Guardian

Stanford, 62, told the court: "If I live the rest of my life in prison, I will always be at peace with the way I conducted myself in business."

Stanford has been in jail since his arrest in June 2009 to running a Ponzi scheme after the police tracked him down to a modest townhouse in Fredericksburg, Virginia, owned by one of his girlfriends.

He has spent three years in detention after being denied bail, the trial was delayed after Stanford's defence team claimed their client had lost his memory following a vicious prison beating following a dispute over a telephone call. 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."