Last week Allen Stanford was sentenced to 110 years in federal prison in the U.S. District Court in Houston Texas. Stanford was also ordered to forfeit $5.9 billion.
Federal Judge David Hittner remarked that Stanford’s case was one of the most “egregious criminal frauds ever presented to a jury in federal court.”
Stanford’s investment scheme misappropriated at least $7 billion of investors money on frivolous expenses including a cricket tournament, personal loans, and investment in his personal failing businesses. The scheme drew in investors from all over the Americas.
The prosecutors requested the judge sentence Stanford to 230 years in prison, the maximum under Federal sentencing guidelines. Although the sentence given was less, is more figurative than practical. Stanford is 60 years old.
Prosecutors say that Stanford is remorseless for his ponzi scheme despite the wrenching testimony of victims.
Stanford claims that he worked hard for the company and could have repaid the investor’s money if he was allowed by law to liquidate all of his company’s assets.
One piece of evidence that was very damaging to Stanford were victim statement letters. Judge Hittner said that he read every statement letter and stated that those letters showed that Stanford ruined the lives and life savings of his investors, many of whom were in Latin America.
The defense attorneys stated that the sentence was excessive and unfair. They vowed to appeal the sentence despite the fact that jurors rejected the defense’s claims that investors received adequate notice of how the money was spent as well as any wrongdoing that occurred due to Stanford’s mismanagement of the funds.