Thursday, June 14, 2012

110 Years in Jail

Bye, Bye, Now!
HOUSTON — R. Allen Stanford, the Texas financier convicted of fleecing 30,000 investors from 113 countries in a $7 billion Ponzi scheme, was sentenced on Thursday to 110 years in jail.

In response, federal prosecutor, William J. Stellmach, called Mr. Stanford’s version of events “obscene.”

“This is a man utterly without remorse,” Mr. Stellmach said. “From beginning to end, he treated all of his victims as roadkill.”

The prosecutors heavily relied on James M. Davis, Mr. Stanford’s former roommate from Baylor University, who served as his chief financial officer. Mr. Davis testified that the Stanford business empire was a fraud, complete with bribes paid to Antiguan regulators and schemes to hide operations from federal investigators. He described how Mr. Stanford had sent him to London to send a fax to a prospective client from a bogus insurance company office to reassure him that his investment would be safe.

In his testimony, Mr. Davis portrayed his former boss as a bullying manager who manipulated him to lie and cheat investors. He described how Mr. Stanford had invited him to drive with him in his new Mercedes-Benz on a highway outside Houston and floored the accelerator until the car reached 170 miles an hour. “He instilled intimidation and fear,” Mr. Davis said.



Greed always finds an endless field of conquest and leaves the man endlessly dissatisfied.


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