Allen Stanford, the former Texas billionaire convicted of running a $7 billion Ponzi scheme, has been sentenced to 110 years in prison.
After prosecutors said this crime was 'one of the most gregarious frauds in history'. He faced 13 charges, including fraud and conspiracy, for using fraudulent certificates of deposit sold by his offshore bank in Antigua, to con thousands of investors out of their savings. To finance an extravagant lifestyle in the Caribbean.
Many people who had been swindled by Stanford turned up to see him charged. Jaime Escalona who is head of the American Latina rights group was very damning of Stanford.
Stanford's attorneys had asked for a sentence of about three years, the same amount of time the 62-year-old has been in federal custody. But after sentencing Stanford will remain in a federal detention centre in Houston for the next 30 to 60 days while the Bureau of Prisons decides where he will serve his 110 year sentence.
Written and Presented by Ann Salter