R. Allen Stanford (File)
HOUSTON (June 14, 2012)--Former Texas billionaire R. Allen Stanford was sentenced to 110 years in prison Thursday for orchestrating one of the largest Ponzi schemes in U.S. history.
U.S. District Judge David Hittner sentenced Stanford Thursday during a hearing in Houston in which two people spoke on behalf of investors about their losses.
In March, a jury convicted Stanford, 62, on 13 of 14 fraud-related counts for taking more than $7 billion from investors.
The jury also cleared the way for U.S. authorities to seize millions in bank accounts connected to Stanford, a Mexia native, Baylor University graduate, and one-time Waco businessman.
Prosecutors say Stanford orchestrated a 20-year scheme that took billions through the sale of certificates of deposit from his Caribbean bank.
Stanford's attorneys argued he was a legitimate businessman.