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Disgraced tycoon Allen Stanford has been sentenced to 110 years in jail for operating a ponzi scheme that defrauded investors of more than $7bn (£4.5bn).
The scheme was described as one of the largest in US history.
In court, Stanford denied any guilt, telling the judge at his sentencing hearing: "I did not defraud anybody."
A Texan banker, Stanford rose to prominence outside the US when he bankrolled international cricket competitions in the UK and Caribbean.
Some 30,000 individual investors were swindled, it was alleged. Prosecutors failed to find as much as 92% of the assets Stanford International Bank claimed to have.
Originally posted by Maxmars
Just for the sake of 'fundamentals' let us not forget the money 'stolen' was never there.
This was a spreadsheet scam....
It's so much easier than having to deal with real money...
It is the Banker's Folly. Entries on a table represent something.... not that what it represents actually exists... and upon this they build vehicles to "play" with the virtual wealth.
110 years, huh?
Does anyone know how many went to jail - and for how long - over the trillions plus that evaporated in the 'derivative" (read as "make-believe virtual fiat currency") crisis? Or is that an obtuse question?
Originally posted by Extralien
reply to post by Citybig
It does kinda send a message saying that there are some out there willing to step up to the plate.
But like I asked above, is there someone higher trying to get rid of the little fish in the tank in order to be one big fish in the entire ocean?
While a jury has cleared the way for access to about $330m in stolen funds sitting in Stanford's frozen bank accounts across Canada, England and Switzerland, legal wrangling could make it years before investors recover any of that money.