Ex-Billionaire Allen Stanford Gets 110-Year Jail Term

Allen Stanford, the former Texas billionaire financier, was sentenced Thursday to 110 years in prison for conducting a $7 billion Ponzi scheme, according to the FBI.

Stanford, 62, was convicted of stealing billions of dollars from tens of thousands of investors via his Stanford International Bank.

“Mr. Stanford, you took advantage of the trust that is placed in U.S. companies and caused losses that prevented families from being able to pay for medical and basic living expenses,” said Jaime Escalona, the lawyer representing Stanford victims from Latin America.

Judge David Hittner handed down the sentence at a hearing in Houston, according to the FBI.

“I am and will always be at peace with the way I conducted myself in business,” Stanford said at the sentencing, according to the Houston Chronicle. 

“I worked tirelessly, and honestly, to build a world-class, global financial-services company,” he added, saying that his company collapsed because of the U.S. government, and that he felt bad for the investors.