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Allen Stanford jailed for 110 years for $7bn ponzi Allen Stanford jailed for 110 years for $7bn Ponzi
(31 minutes later)
Disgraced tycoon Allen Stanford has been sentenced to 110 years in jail for operating a ponzi scheme that defrauded investors of more than $7bn (£4.5bn). Disgraced tycoon Allen Stanford has been sentenced to 110 years in jail for operating a Ponzi scheme that defrauded investors of more than $7bn (£4.5bn).
The scheme was described as one of the largest in US history.The scheme was described as one of the largest in US history.
In court, Stanford denied any guilt, telling the judge at his sentencing hearing: "I did not defraud anybody."In court, Stanford denied any guilt, telling the judge at his sentencing hearing: "I did not defraud anybody."
A Texan banker, Stanford rose to prominence outside the US when he bankrolled international cricket competitions in the UK and Caribbean.A Texan banker, Stanford rose to prominence outside the US when he bankrolled international cricket competitions in the UK and Caribbean.
But after the collapse of his agreement to stage Twenty20 cricket in England, his financial empire began to crumble amid investigations by US regulators.But after the collapse of his agreement to stage Twenty20 cricket in England, his financial empire began to crumble amid investigations by US regulators.
Forbes Magazine listed him as the 605th richest man in the world in 2006.Forbes Magazine listed him as the 605th richest man in the world in 2006.
Since his arrest in 2009 he has spent three years in detention after being denied bail. However, since his arrest in 2009 he has spent three years in detention after being denied bail.
He was convicted in March on 13 of 14 charges against him. Shifting blame
Stanford's Ponzi scheme centred on his banking operation based in the Caribbean island nation of Antigua.
Some 30,000 individual investors were swindled, it was alleged. Prosecutors failed to find as much as 92% of the assets Stanford International Bank claimed to have.
In his statement in court on Thursday, which ran for some 40 minutes, he told the judge: "I'm not here to ask for sympathy or forgiveness or to throw myself at your mercy.In his statement in court on Thursday, which ran for some 40 minutes, he told the judge: "I'm not here to ask for sympathy or forgiveness or to throw myself at your mercy.
"I did not run a Ponzi scheme. I didn't defraud anybody.""I did not run a Ponzi scheme. I didn't defraud anybody."
He was convicted in March on 13 of 14 charges against him, despite his lawyers attempting to shift most of the blame on his chief financial officer.
Prosecutors had asked for a 230-year sentence, with defence lawyers arguing for a lenient term of 44 months.Prosecutors had asked for a 230-year sentence, with defence lawyers arguing for a lenient term of 44 months.