Allen Stanford Jailed for 110 Years for Ponzi Fraud Scheme

Former cricket tycoon Allen Stanford has been sentenced to 110 years in jail after being found guilty of leading a Ponzi scheme that defrauded investors of around $7bn.

The former Texan banker was handed the sentence after US District Judge David Hittner in Houston said he was guilty of “one of the most egregious criminal frauds ever presented to a jury in federal court.”

Stanford, drugs 62, apoplectic became known outside of the US when he provided financially for international cricket competitions in the UK and the Caribbean.

His agreement to stage Twenty20 cricket in England collapsed and was followed by investigations by US regulators.

It is believed that around 30,000 investors fell victim to Stanford’s Ponzi style scheme that centred on his banking operation in the Caribbean island nation of Antigua.

Prosecutors said Stanford wasted investor money on failing businesses, yachts and cricket tournaments. He secretly borrowed as much as $2bn from his bank.

Assistant US Attorney William Stellmach said: “From beginning to end, he’s treated his victims like road kill.

“Allen Stanford doesn’t deserve anyone’s sympathy, and he doesn’t deserve your honour’s mercy.”

Stanford, who denied the charges, ran a statement in court on Thursday that said: “I’m not here to ask for sympathy or forgiveness or throw myself at your mercy.

“I did not run a Ponzi scheme. I didn’t defraud anybody.”

Stanford was arrested in 2009 and has spent the last three years in detention after failing to achieve bail.

In 2006 he was listed as the 605^th richest man in the world by Forbes Magazine.