Stanford To Learn Sentence For Role In $7B Swindle - Newschannel 6 Now | Wichita Falls, TX

Stanford To Learn Sentence For Role In $7B Swindle

HOUSTON (AP) - If federal prosecutors have their way, former Texas tycoon R. Allen Stanford could receive a prison sentence that spans two centuries for bilking investors out of more than $7 billion in one of the largest Ponzi schemes in U.S. history.
 
The 62-year-old Stanford is set to be sentenced today by a Houston federal judge.
 
Prosecutors want a 230-year prison term, the maximum sentence after a jury convicted Stanford in March on 13 of 14 fraud-related counts.
 
Stanford's attorneys are asking for a maximum of 44 months. He's nearly served that amount since being jailed in June 2009.
 
Before imposing the sentence, the judge is expected to hear from two people speaking on behalf of investors about how Stanford's fraud has affected their lives.

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