110-year sentence for Allen Stanford

Jun 15, 2012, 08:27 IST | AFP

Financer and cricket mogul Allen Stanford was sentenced to 110 years in jail for a $7 billion Ponzi scheme yesterday, closing the book on the flamboyant ex-tycoon's stunning fall from grace

The verdict will bring some satisfaction -- but likely little financial relief -- to 30,000 investors from more than 100 countries who were bilked by bogus investments with Stanford International Bank. Investigators could not find 92 percent of the $8 billion the bank said it had in assets and cash reserves.

Stanford, 62, has spent the past three years in jail after being deemed a flight risk. He will likely never taste freedom again.

US district judge David Hittner handed down the lengthy sentence at a hearing in Houston, Texas, a spokeswoman for the US attorney’s office told AFP.

Badly beaten in a jailhouse brawl, Stanford was temporarily declared unfit for trial after he became addicted to painkillers while also on antidepressants.

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