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Stanford jailed for 110 years in fraud case

Press Trust of India  |  New Delhi 

The Texan financier was convicted of 13 charges of fraud. He was found guilty of defrauding investors of more than USD seven 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 USD 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.


First Published: Fri, June 15 2012. 12:35 IST