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Stanford gets 110 years for Ponzi scheme

Friday, June 15, 2012 - 00:44

June 15 - Former Texas billionaire Allen Stanford gets 110 years in prison for Ponzi scheme. Julie Noce reports.

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Allen Stanford, the former Texas billionaire convicted of running a Ponzi scheme, was sentenced to 110 years in prison on Thursday. Stanford was convicted in March of fraud and conspiracy for using fraudulent certificates of deposit sold by his offshore bank to scam thousands of middle-class people out of their savings. One of his victims said Stanford was worse than Bernie Madoff, whose Ponzi scheme targeted wealthy people. Madoff is currently serving out a 150 year prison sentence. Stanford's lawyer said his client will appeal the ruling. Julie Noce, Reuters

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Stanford gets 110 years for Ponzi scheme

Friday, June 15, 2012 - 00:44