Stanford Sentencing Hearing Begins

The sentencing hearing of convicted financier R. Allen Stanford begins this morning in Houston. Stanford was found guilty in March of running a Ponzi scheme that cost investors more than $7 billion.

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.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...