Alan Stanford gets 110 years for role in $7B swindle [NotSoBreaking] - MarketTicker Forums


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User Info	Alan Stanford gets 110 years for role in $7B swindle in forum [NotSoBreaking]
Stonedog Posts: 2080 Incept: 2008-05-29 New Jersey	Looks like we've got some handcuffs http://news.yahoo.com/stanford-gets-110-.... Quote: Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced Thursday to 110 years in prison for bilking investors out of more than $7 billion over 20 years in one of the largest Ponzi schemes in U.S. history. U.S. District Judge David Hittner handed down the sentence during a court hearing in which two people spoke on behalf of Stanford's investors about how his fraud had affected their lives. Prosecutors had asked that Stanford be sentenced to 230 years in prison, the maximum sentence possible after a jury convicted the one-time billionaire in March on 13 of 14 fraud-related counts. Stanford's convictions on conspiracy, wire and mail fraud charges followed a seven-week trial. Stanford's attorneys had asked for a maximum of 44 months, a sentence he could have completed within about eight months because he has been jailed since his arrest in June 2009. During Thursday's sentencing hearing, Stanford gave rambling statement to the court in which he denied he did anything wrong. Speaking for more than 40 minutes, Stanford said he was a scapegoat and blamed the federal government and a U.S. appointed receiver who took over his companies for tearing down his business empire and preventing his investors from getting any of their money back. "I'm not here to ask for sympathy or forgiveness or to throw myself at your mercy," Stanford told Hittner. "I did not run a Ponzi scheme. I didn't defraud anybody." Stanford was once considered one of the richest men in the U.S., with an estimated net worth of more than $2 billion. His financial empire stretched from the U.S. to Latin America and the Caribbean. But after his arrest, all of his assets were seized and he had to rely on court-appointed attorneys to defend him. Calling Stanford arrogant and remorseless, prosecutors said he used the money from investors who bought certificates of deposit, or CDs, from his bank on the Caribbean island nation of Antigua to fund a string of failed businesses, bribe regulators and pay for a lavish lifestyle that included yachts, a fleet of private jets and sponsorship of cricket tournaments. Defense attorneys portrayed Stanford, 62, as a visionary entrepreneur who made money for investors and conducted legitimate business deals. They accused the prosecution's star witness — James M. Davis, the former chief financial officer for Stanford's various companies — of being behind the fraud and tried to discredit him by calling him a liar and tax cheat. The jury that convicted Stanford also cleared the way for U.S. authorities to go after about $330 million in stolen investor funds sitting in the financier's frozen foreign bank accounts in Canada, England and Switzerland. But due to legal wrangling, it could be years before the more than 21,000 investors recover anything, and whatever they ultimately get will only be a fraction of what they lost. The financier's trial was delayed after he was declared incompetent in January 2011 due to an anti-anxiety drug addiction he developed in jail. He underwent treatment and was declared fit for trial in December. Three other former Stanford executives are scheduled for trial in September. A former Antiguan financial regulator was indicted and awaits extradition to the U.S. Stanford and his former executives also are fighting a lawsuit from the U.S. Securities and Exchange Commission that accuses them of fraud. ---------- "I would characterize my professional disdain as more of a professional contempt for their [Central Banker, Banker and politician] economic and financial policies, priorities, presumptions and prescriptions." - Lauren Lyster on Capital Account for Friday June 16, 2012 "All the stimulus, the bailouts, the quantit Last modified: 2012-06-14 13:26:22 by stonedog Reason: add text 2012-06-14 13:24:24 Permalink
Mayorquimby Posts: 13909 Incept: 2008-09-18 The Archaic Past	It's a big club, and he wasn't in it. ---------- They who wish to hurt you, work within the law. - Morrissey Gold is theft. 2012-06-14 13:29:12 Permalink
Britishsteel Posts: 3584 Incept: 2007-12-07 New york Online	Speaking for more than 40 minutes, Stanford said he was a scapegoat and blamed the federal government and a U.S. appointed receiver who took over his companies for tearing down his business empire and preventing his investors from getting any of their money back. THAT I CAN BELIEVE! ---------- One Ring to rule them all,One Ring to find them, One Ring to bring them all,and in the darkness bind them. 2012-06-14 13:31:09 Permalink
Peterm99 Posts: 4991 Incept: 2009-03-21 SoCal	I sincerely hope that this would be the sentencing template for all the financial industry thieves. FAT CHANCE! ---------- ". . . the Constitution has died, the economy welters in irreversible decline, we have perpetual war, all power lies in the hands of the executive, the police are supreme, and a surveillance beyond Orwell’s imaginings falls into place." - Fred Reed 2012-06-14 13:40:22 Permalink
Mondocondo Posts: 3686 Incept: 2007-12-03 Miami	Stanford and Madoff are pikers and easy pickings. This is pocket change compared to the scams the banksters pulled off. 2012-06-14 13:45:15 Permalink
Pcaldallas Posts: 1343 Incept: 2009-03-02 Unicorn Ranch	15.7 years per billion. By precedent, when does Corzine get his at minimum 31.4 years in a cage? ---------- "The appearance of law must be upheld, especially when it's being broken." - Boss Tweed, Gangs of New York 2012-06-14 13:46:28 Permalink
Etz Posts: 13890 Incept: 2007-06-26 LA	Poor bastard's biggest mistake was never joining Goldman Sachs. ---------- Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora. 2012-06-14 14:07:00 Permalink
Harrisonact Posts: 1754 Incept: 2010-10-04 canada	Quote: Poor bastard's biggest mistake was never ~~joining~~tithing Goldman Sachs. FIFY ---------- bilge My playbook speaks español. Deal with it. Im too lazy to fix it. 2012-06-14 18:59:49 Permalink