Calling it “one of the most egregious frauds” ever to be presented to a jury, on June 14 Senior U.S. District Judge David Hittner sentenced 62-year-old financier R. Allen Stanford of Houston to 110 years in prison.
In March, a federal court jury found Stanford, former chairman of Houston’s Stanford Financial Group, guilty of 13 of 14 criminal counts against him. Jurors found him not guilty of one count of wire fraud. Stanford was charged in connection with an alleged conspiracy to defraud investors who bought about $7 billion in CDs sold through Stanford International Bank (SIB).
