Stanford was arrested in 2009 on charges of fraud
Disgraced Texas financier Allen Stanford has been jailed for 110 years after being found guilty on 13 of 14 counts of fraud.
Stanford, who committed one of the biggest ponzi schemes, which is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organisation, and is thought to have defrauded his investors of more than 7 billion dollars.
Stanford, bankrolled a domestic Twenty20 tournament, called the Stanford Twenty20 within the West Indies, and even had the England team play the Stanford Superstars for a coveted prize of 20 million dollars, which the Stanford Superstars won in a shocking upset over the English.
The Stanford Twenty20 at one point was starting to become a major rival for the star-studded Indian Premier League (IPL), but never reached that stage since Stanford’s entire financial empire crumbled beneath him after an investigation by United States regulators.
Stanford has spent three years in jail without a chance of bail since he was arrested back in 2009.
His trial had been postponed due to health reasons after Stanford was beaten up by prison inmates, but yet again he declared that he was innocent and had not defrauded anyone.
“I did not defraud anybody,” he told District Judge David Hittner during his sentence hearing.
“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,” Stanford added in his statement to District Judge David Hittner.
The prosecutors of the case had asked the judge to make an example out of Stanford, and wanted him to receive a sentence of 230 years, while the defence lawyers were looking for a lenient sentence of just 44 months.
Stanford, had signed a five-year deal with the England and Wales Cricket Board (ECB) reported to be worth 100 million dollars.
However, since his arrest in 2009, some experts believe that the ECB have not entire recovered all the funds they gave to Stanford as part of the deal.
But, other experts claim that the investors were the biggest losers, as they only managed to recover about five per cent of their total investments.
Stanford, was knighted back in 2006, but after being arrested in 2009 on charges on fraud, it is believed that he was stripped of his knighthood.