Thursday, 25 December 2014
Last updated 1 day ago
Jun 15 2012 | 5:22am ET
Convicted hedge fund fraudster R. Allen Stanford said yesterday that he's no Bernard Madoff, but a federal judge sentenced him to a Madoff-like 110 years in prison, anyway.
The former Stanford Financial Group chief received the century-and-change for the two-decade long Ponzi scheme that he was convicted of running in March. All told, Stanford swindled some 30,000 investors out of $7 billion.
But Stanford, who has always denied his guilt, remained defiant, telling the Houston federal court, "I am not a thief."
"I'm not up here to ask for sympathy or forgiveness," he added. "I'm up here to tell you from my heart I didn't run a Ponzi scheme."
U.S. District Judge David Hittner told Stanford he did not have to face his victims during their statements prior to sentencing. But he did anyway, without showing any remorse, looking directly at some of the speakers.
The government, which Stanford accused of "Gestapo tactics," called Stanford's statement "obscene."
"This is a man utterly without remorse," prosecutor WIlliam Stellmach said. "From beginning to end, he treated all of his victims as roadkill."
The 62-year-old didn't get quite the 150 years that Madoff got, but like the more prominent fraudster, Stanford's lawyer acknowledged, "he will die in prison." That is, if a planned appeal is unsuccessful.
It is unclear where Stanford will be sent to serve his sentence. He is likely to remain at the Federal Detention Center in Houston for up to two months before the Bureau of Prisons sends him to his new home.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.