Texas billionaire R. Allen Stanford, who has been convicted for running a Ponzi scheme worth $7 billion, was sentenced on Thursday to 110 years in jail.
Stanford was arrested in 2009 over allegations of massive fraud involving certificates of deposit issued by his Antigua bank.
U.S. Securities and Exchange Commission had filed a civil case against Stanford, accusing him of running a "fraud of shocking magnitude." The U.S. financial watchdog says he sold $8 billion through a Ponzi scheme with improbably high interest rates from Antigua-based Stanford International Bank Ltd, owned by him.
The 61-year-old golf and cricket promoter rejected all accusations and denied any wrongdoing.
Forbes magazine estimated Stanford's personal fortune at $2.2 billion.
by RTT Staff Writer
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