Posted: Jun 14, 2012 11:59 AM
Updated: Jun 14, 2012 12:13 PM
Source: Associated Press
HOUSTON- Former Texas tycoon R. Allen Stanford was sentenced to 110 years for a $7 billion Ponzi scheme.
Stanford was convicted in one of the largest Ponzi schemes in U.S. history, has told a judge he did nothing wrong.
In a rambling statement Thursday, Stanford claimed he was a scapegoat. He blamed the federal government and a U.S. appointed receiver who took over his companies, saying they tore down his business empire and prevented his investors from getting any of their money back.
Stanford's comments came during his sentencing hearing on 13 fraud-related counts. Prosecutors say he bilked investors out of $7 billion.
Speaking for more than 40 minutes, Stanford told a judge he's "not here to ask for sympathy or forgiveness."
Prosecutors want a 230-year prison term, the maximum possible sentence.
Stanford's attorneys are asking for a maximum of 44 months.