R. Allen Stanford, who was found guilty of operating a multibillion-dollar Ponzi scheme,
is likely to receive a sentence later this week that will require him
to spend the rest of his life behind bars. If that happens, it will
continue a pattern in which white-collar defendants convicted of
committing large-scale fraud have received long prison terms, far longer
than what has been meted out in the past.
In March, Mr. Stanford, a Texas tycoon, was convicted on 13 counts of fraud and money laundering related to the collapse of Stanford International Bank, based in Antigua. Investors lost billions of dollars in what were billed as high-yield certificates of deposit but turned out to be largely worthless. Thousands of victims throughout the United States and the Caribbean were affected.
In a sentencing recommendation filed in the Federal District Court in Houston, prosecutors asked Judge David Hittner for 230 years in prison, the maximum permitted by federal law for the convictions. Not surprising, Mr. Stanford is seeking a much lower punishment that would effectively result in a sentence of time served since he was jailed after being charged in 2009.
Read more: http://dealbook.nytimes.com/2012/06/11/viewing-financial-crimes-as-economic-homicide/?ref=business
In March, Mr. Stanford, a Texas tycoon, was convicted on 13 counts of fraud and money laundering related to the collapse of Stanford International Bank, based in Antigua. Investors lost billions of dollars in what were billed as high-yield certificates of deposit but turned out to be largely worthless. Thousands of victims throughout the United States and the Caribbean were affected.
In a sentencing recommendation filed in the Federal District Court in Houston, prosecutors asked Judge David Hittner for 230 years in prison, the maximum permitted by federal law for the convictions. Not surprising, Mr. Stanford is seeking a much lower punishment that would effectively result in a sentence of time served since he was jailed after being charged in 2009.
Read more: http://dealbook.nytimes.com/2012/06/11/viewing-financial-crimes-as-economic-homicide/?ref=business
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