Multiple news sources are reporting that convicted Ponzi schemer Allen Stanford was sentenced on June 14th to 110 years in prison. Stanford’s Ponzi scheme lasted 20 years and cost investors more than $7 billion dollars.
Stanford was convicted in March on 13 charges related to fraud, including conspiracy, wire and mail fraud charges (he was not convicted on a 14th charge).
Prosecutors had requested a sentence of 230 years; Stanford’s attorneys requested a maximum sentence of 44 months. During sentencing, Stanford continued to deny any wrongdoing, claiming he did not run a Ponzi scheme and did not defraud investors.