Great news. Not sustainable. Another businessman scumbag submerged in greed.
Sentence of 110 years is great. 30,000 regular investors scammed.
We need to bring the less grand of these con artists to justice - not only this and the Madoff types, but the lesser ones, and the banks, granting themselves outrageous sums and putting the well-being and money of others at risk. That behavior subverts the American notions of creating a perfect union, and people guilty of it need to be jailed and reforms need to continually and vigilantly be made until the capitalism in our Democracy restores fairness throughout America's economic spectrums.
"HOUSTON — R. Allen Stanford, the Texas financier convicted of fleecing 30,000 investors from 113 countries in a $7 billion Ponzi scheme, was sentenced on Thursday to 110 years in jail.
..."This is a man utterly without remorse,” Mr. Stellmach said. “From beginning to end, he treated all of his victims as roadkill.”
“He went after the middle class, including people who didn’t have money to lose. People have lost their homes. They have come out of retirement.”
A federal jury in March convicted Mr. Stanford of 13 out of 14 counts of fraud in connection with a worldwide scheme over more than two decades in which he offered fraudulent high-interest certificates of deposit at the Stanford International Bank, which was based on the Caribbean island of Antigua.
... Mr. Stanford’s defense lawyers pleaded for a sentence effectively of time served because of the three years he spent in prison waiting for his trial. Prosecutors recommended 230 years, the maximum according to sentencing guidelines for his crimes of conspiracy, wire and mail fraud, obstruction and money laundering. He was acquitted of one count of wire fraud.
... For Mr. Stanford, the verdict and sentencing represented the end of a remarkable career that began with a Texas fitness club venture. After it went bankrupt, he tried offshore banking and lived a life of glamour. Mr. Stanford is now a shadow of the swaggering financier who only three years ago had an estimated fortune of over $2 billion, a knighthood awarded by Antigua and a collection of yachts and a fleet of jets. He even owned his own professional cricket team and stadium on Antigua, which according to prosecutors he treated like his personal business haven in the West Indies, with politicians in tow, through bribes and political campaign contributions"
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