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Allen Stanford jailed for 110 years

  • Former billionaire Allen Stanford has been sentenced to 110 years in prison for running a $7 billion Ponzi scheme in which he stole money from his investors.

    The scheme has been described as one of the worst in American history.

    In March, a jury convicted Stanford of 13 charges including fraud and conspiracy for selling certificates of deposit from his bank in Antigua to investors in the United States and Latin America.

    Much of the proceeds were spent on yachts, girlfriends and the sponsorship of a cricket tournament.

    Stanford denied committing fraud or running a Ponzi scheme and blamed the U.S. government for destroying a business he claimed had enough assets to repay its depositors.

    He is to remain in a federal detention center in Houston until the Bureau of Prisons decides where he will serve his sentence.