Law360, New York (June 14, 2012, 2:59 PM ET) -- Disgraced Texas tycoon Robert Allen Stanford was sentenced Thursday to serve 110 years in prison for bilking 30,000 people out of $7 billion in a massive Ponzi scheme dwarfed only by Bernie Madoff's record-setting scam.
Described as a "ruthless predator" by prosecutors, Stanford was found guilty of 13 counts of mail fraud, wire fraud and obstruction. Prosecutors had sought a 230-year sentence for the former chairman of Stanford Financial Group, the maximum allowed under law, while the defendant had requested a 44-month sentence.
In sentencing Stanford...
Stanford Gets 110 Years For $7B Ponzi Scheme
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