Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced in Houston today to 110 years in prison for bilking investors out of more than $7 billion over 20 years in one of the largest Ponzi schemes in U.S. history. “I’m not here to ask for sympathy or forgiveness or to throw myself at your mercy,” Stanford told U.S. District Judge David Hittner before he handed down the sentence. “I did not run a Ponzi scheme. I didn’t defraud anybody.” Read more in Daily Report PM.
News alert: Stanford to spend rest of his life in prison for $7B swindle
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