HOUSTON — 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 sentenced Stanford during a court hearing in which two people spoke on behalf of the tycoon's investors about how his fraud had affected their lives.
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.
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