GENEVA, SWITZERLAND – Big spender Texan Allen Stanford had his day in court, and it wasn’t a good one for him. But the middle income clients who say he fleeced them of their limited wealth appeared happy with the judge’s sentence: 110 years in prison for fraud, without the possibility of parole. Stanford, who led a glamorous international lifestyle and prided himself as a financier who built up the sport of cricket in Antigua, for which he received a knighthood, insisted at the sentencing that he did not run a Ponzi scheme. The sentencing judge disagreed and held him accountable for the verdict given in March, that he was guilty on 13 of 14 counts, of a $7 billion financial fraud.
Bernard Madoff received 150 years in prison in a New York court for running a Ponzi scheme.