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HindustanTimes Sat,30 Aug 2014

Cricket

Stanford jailed for 110 years in fraud case
PTI
New Delhi, June 15, 2012
First Published: 12:17 IST(15/6/2012)
Last Updated: 12:22 IST(15/6/2012)

Disgraced American businessman Allen Stanford, who bankrolled a $20 million Twenty20 match between England and West Indies before being convicted of defrauding investors, has been sentenced to 110 years in prison.

The Texan financier was convicted of 13 charges of fraud. He was found guilty of defrauding investors of more than $7 billion.

The 62-year-old created quite a flutter during his association with the England and Wales Cricket Board which later became an embarrassment for the body. He was arrested in 2009 after an investigation by the United States regulators.

But Stanford has always denied any wrongdoing. He told the District Judge David Hittner at his sentencing hearing: "I did not defraud anybody".

"I'm not here to ask for sympathy or forgiveness or to throw myself at your mercy. I did not run a Ponzi scheme. I didn't defraud anybody."

Prosecutors had demanded a 230-year sentence for the businessman, 'ESPNCricinfo' reported.

Stanford signed a five-year deal with the ECB worth $100 million but after fraud cases against him came to light, it left the English Board red-faced.

He was knighted in 2006 but was later stripped of the title.


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