Texan finacier Allen Stanford was sentenced to 110 years in prison for Ponzi scheme worth US$ 7 billion. The district court of Houston handed the sentence to the 62 year old financier the hearing the arguments from two parties for two hours.
Stanford now is decribed as the ruthless predator responsible for one of he most egrigious frauds in American history. During the trial prosecutors alleged that Stanford had constructed an elaborate fraud that promised investors handsome returns if they purchased certificates from his Stanford International Bank based on the Caribbean island of Antigua. Instead of putting the money in the safe assets as investors were promised, a jury found the former billionaire guilty of using it to pay for an opulent lifestyle of yachts and private jets.
The trial was set to January 2011 but it was delayed for his poor health. The 21 charges against Stanford was dropped into 14 on the month of May. On January 24, 2012, Stanford entered the Houston Federal Courthouse, U.S. District Judge David Hittner presiding, and the trial began. He was convicted by jury as the leader of a Ponzi scheme worth $7 billion on March 6, 2012.