01:38 PM
Stanford Sentenced to 110 Years in Prison
HOUSTON -- Allen Stanford, the former Texas billionaire convicted of a $7 billion Ponzi scheme, was sentenced to 110 years in prison by a U.S. federal judge on Thursday.
Stanford, who was found guilty of 13 felony counts of fraud and conspiracy by a Houston jury in March, used fraudulent certificates of deposit issued by his offshore bank in Antigua to bilk thousands of investors out of their savings.
(Reporting By Anna Driver and Eileen O'Grady; Editing by Eddie Evans)