ALLEN STANFORD SENTENCED TO 110 YEARS IN PRISON

Allen Stanford Court June (AP)

Convicted ponzi schemer Allen Stanford has been sentenced to 110 years in prison, Bloomberg just reported.

Prosecutors had originally wanted a sentence of 230 years.

That’s a hard fall for a man who was once the 205th richest man in America.

In March, Stanford was found guilty of a $7 billion investment fraud scheme by a jury in Houston. The jury found him guilty of 13 out of 14 counts, including conspiracy to commit wire fraud, and conspiracy to obstruct an SEC investigation, money laundering, etc. The only count he was found not guilty of was committing wire fraud.

Stanford’s sentence, however, still falls below that of infamous ponzi scheme Bernie Madoff, who is currently serving a 150-year sentence for defrauding people of almost $65 billion combined.

SEE ALSO: The Spectacular Rise And Fall Of Ponzi Schemer Allen Stanford

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.