This article is over 10 years old

Business

Stanford Sentencing Hearing Begins

The sentencing hearing of convicted financier R. Allen Stanford begins this morning in Houston. Stanford was found guilty in March of running a Ponzi scheme that cost investors more than $7 billion.

Listen

To embed this piece of audio in your site, please use this code:

<iframe src="https://embed.hpm.io/81458/35963" style="height: 115px; width: 100%;"></iframe>
X

Federal prosecutors are asking Judge David Hittner to give Stanford the maximum sentence allowed – 230 years in prison. That’s 80 years longer than the sentence Bernie Madoff is serving for running the only Ponzi scheme in U.S. history larger than Stanford’s.

Stanford’s attorneys are asking he be sentenced to time served. The former financier has been jailed since 2009. 

Stanford bilked investors out of more than $7 billion through the sale of bogus certificates of deposit in his offshore bank. A Houston jury found him guilty on 13 counts, ranging from wire fraud to obstruction of justice.

Today in Houston Newsletter Signup
We're in the process of transitioning services for our Today in Houston newsletter. If you'd like to sign up now, fill out the form below and we will add you as soon as we finish the transition. **Please note** If you are already signed up for the newsletter, you do not need to sign up again. Your subscription will be migrated over.
Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew Schneider is the senior reporter for politics and government at Houston Public Media, NPR's affiliate station in Houston, Texas. In this capacity, he heads the station's coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments...

More Information