Stanford sentenced to 110 years in prison for Ponzi scheme

June 14 (Bloomberg) -- R. Allen Stanford, found guilty of leading a $7 billion international fraud scheme by a U.S. jury, was sentenced to 110 years in prison by a federal judge.

U.S. District Judge David Hittner in Houston imposed the sentence today after jurors in March convicted the Stanford Financial Group principal of 13 charges, including five counts of mail fraud and four of wire fraud, each punishable by as long as 20 years in prison.

“Mr. Stanford doesn’t have an ounce of remorse,” Assistant U.S. Attorney William Stellmach said in court today before the judge passed sentence. “Allen Stanford doesn’t deserve anyone’s sympathy and he doesn’t deserve your honor’s mercy.”

Prosecutors asked for a 230-year term, the maximum under federal sentencing guidelines. Ali Fazel, one of Stanford’s lawyers, said the defense asked for a sentence of 31 to 44 months, based on a different, much-lower calculation of investors’ losses. Prosecutors contended that such a sentence was tantamount to “time served” for Stanford, who has been in custody since June 2009.

Stanford’s jury found he lied to buyers of certificates of deposit issued by his Antigua-based Stanford International Bank Ltd. and sold in the U.S. by his Houston-based securities firm, Stanford Group Co.

The case is U.S. v. Stanford, 09-cr-342, U.S. District Court, Southern District of Texas (Houston).

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