Allen Stanford Sentenced To 110 Years In Prison

Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced Thursday 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.

Stanford who once sponsored the St. Jude golf tournament could have been sentenced to 230 years in prison, the maximum sentence possible after a jury convicted the one-time billionaire in March on 13 of 14 fraud-related counts.

Stanford’s convictions on conspiracy, wire and mail fraud charges followed a seven-week trial.