Allen Stanford sentenced to 110 years in prison - News and Current Events | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

Allen Stanford sentenced to 110 years in prison
Started:June 14th, 2012 (06:20 PM) by kbit Views / Replies:138 / 0
Last Reply:June 14th, 2012 (06:20 PM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

Allen Stanford sentenced to 110 years in prison

Old June 14th, 2012, 06:20 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

Allen Stanford sentenced to 110 years in prison

(Reuters) - Former billionaire Allen Stanford was sentenced to 110 years in prison on Thursday for running a $7 billion scheme in which he stole money from his investors to finance an extravagant lifestyle in the Caribbean.

U.S. District Judge David Hittner said Stanford's actions were among the most "egregious criminal frauds," and investors who lost money said Stanford's crimes were worse than those of Bernard Madoff, another Ponzi schemer.

In March, a jury convicted Stanford of 13 charges including fraud and conspiracy for selling certificates of deposit from his bank in Antigua to thousands of investors in the United States and Latin America. He had already spent some of those proceeds on yachts, girlfriends, sponsorship of a cricket tournament and other accoutrements of a high-rolling life.

Stanford denied committing fraud or running a Ponzi scheme and, in a statement that went on for 40 minutes, he blamed the U.S. government for ruining a business he said had enough assets to repay its depositors. "They destroyed it and turned it to nothing," he said.

Stanford insisted: "I am not a thief."

Prosecutor William Stellmach told the judge: "This is a man utterly without remorse. He treated his victims like roadkill."

One of the victims, Angela Shaw, said Stanford preyed on retired teachers, veterans and refinery workers - unlike Madoff, who targeted the wealthy.

"He stole more than millions. He stole our lives as we knew them," Shaw said.

Madoff pleaded guilty in March 2009 to running a Ponzi scheme and is serving a 150-year sentence. A third major Ponzi schemer, Minnesota businessman Tom Petters, is serving a 50-year prison term for a $3.65 billion scheme.

Attorneys who have followed the Stanford case said the judge was justified in handing him such a long sentence.

"The number can easily be justified by the size of the money involved in the fraud, the lack of remorse, no acceptance of responsibility, impact on the victims and financial institutions," said Wendell Odom, a Houston-based attorney. "But when you think about 110 years and know that is a life sentence, it is very sobering."

Philip Hilder, a former federal prosecutor and criminal defense attorney in Houston, said Hittner likely just followed the federal sentencing guidelines.

"While it is exorbitant, the judge sentenced to what the guidelines called for," Hilder said.

During a six-week trial earlier this year, jurors heard how Stanford International Bank in Antigua issued certificates of deposit with above market interest rates that were peddled by an army of highly incentivized brokers. Customers in the United States and Latin America were promised a safe, highly liquid investment, but Stanford invested the money in real estate, and private equity companies.

He also spent the funds building a lavish lifestyle for himself and his estranged wife, children and girlfriends. He owned yachts, mansions in Florida and the Caribbean and spent millions of dollars promoting the sport of cricket by sponsoring international tournaments from his base on Antigua.

In a memo to the court last week, prosecutors said Stanford used the firm's private jets to fly a tailor from Bergdorf Goodman in New York to Antigua to take his measurements and to fly in koi for his pond on the island of St. Croix, prosecutors said.

Hittner told the packed hearing that he had personally read each one of the 350 letters written by defrauded investors detailing the impact on their lives.

"I owed it to each writer to consider them," the judge said.

Defense attorney Ali Fazel told reporters he was worried the judge would give Stanford, 62, the full 230 years sought by prosecutors, but nonetheless described the sentence as harsh. "It will be tough on him," said Fazel, adding that the sentence would be appealed.

Stanford's attorneys had asked for a sentence of about three years, the same amount of time he has been in federal custody.

Stanford will remain in a federal detention center in Houston for the next 30 to 60 days while the Bureau of Prisons decides where he will serve his sentence.

After court adjourned, Stanford's mother, Sammi Stanford, said she had been prepared for a sentence that will keep her son in prison for the rest of his life. "I didn't expect anything different."

Allen Stanford sentenced to 110 years in prison | Reuters

Reply With Quote

Reply > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > Allen Stanford sentenced to 110 years in prison

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

Corey Rosenbloom: Tips, Tactics, and Real Trades: Trading Intraday Trend Reversals

Elite only

An Afternoon with FIO trader bobwest

Elite only

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
'Bad boy' of Wall Street gets 12 years in prison over $140m investment scam kbit News and Current Events 0 May 4th, 2012 03:05 AM
Anonymous turncoat Sabu faces 124 years in prison - FBI kbit News and Current Events 0 March 6th, 2012 03:38 PM
JPMorgan to Pay $110 Million to Settle Overdraft Claims GridKing News and Current Events 0 February 4th, 2012 01:51 PM
Tipster sentenced in NYC insider trading case kbit News and Current Events 2 December 1st, 2011 09:58 PM
Hedge-Fund Chief Rajaratnam Receives 11 Years in Prison Quick Summary News and Current Events 0 October 13th, 2011 11:40 AM

All times are GMT -4. The time now is 08:34 PM.

Copyright © 2016 by All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-20 in 0.07 seconds with 19 queries on phoenix via your IP