Stanford Sentencing Hearing Begins
by: Andrew Schneider, June 14, 2012 4:06:00 am
Federal prosecutors are asking Judge David Hittner to give Stanford the maximum sentence allowed – 230 years in prison. That’s 80 years longer than the sentence Bernie Madoff is serving for running the only Ponzi scheme in U.S. history larger than Stanford’s.
Stanford’s attorneys are asking he be sentenced to time served. The former financier has been jailed since 2009.
Stanford bilked investors out of more than $7 billion through the sale of bogus certificates of deposit in his offshore bank. A Houston jury found him guilty on 13 counts, ranging from wire fraud to obstruction of justice.