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Cricket
Thursday, June 14, 2012
Stanford 20/20 Financier Jailed for 110 Years

IslandStats.com
Allen Stanford, the Texan financier who came to embody English cricket's most embarrassing alliance, has been sentenced to 110 years in jail for one of the biggest frauds in history. He was convicted in March on 13th of 14 charges of defrauding investors of more than $7 billion (£4.5 billion).

Stanford was hailed as cricket's American sugar daddy when he bankrolled an international cricket tournament in Antigua that promised to transform cricket finances in England and West Indies and, in the eyes of ECB executives, provide a rival to the burgeoning Indian Premier League.

Bermuda took part in the Stanford 20/20 on in 2006 and 2008.

But his financial empire collapsed under an investigation by United States regulators. Since his arrest in 2009, he has spent three years in jail without bail.

Stanford, whose trial was delayed on health grounds after he was beaten up by prison inmates, has always denied his guilt and told the District Judge David Hittner at his sentencing hearing: "I did not defraud anybody".

 
 
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