CHICAGO: Financier and cricket mogul Allen Stanford was sentenced to 110 years in jail for a $7 billion Ponzi scheme, closing the book on the ex-tycoon’s stunning fall from grace. “This is one of the most egregious frauds ever presented to a trial jury in federal court,” said judge David Hittner in handing down the sentence. The verdict will bring some satisfaction – but likely little financial relief – to 30,000 investors from more than 100 countries who were bilked by bogus investments with Stanford International Bank. Stanford, 62, rose to global prominence in 2008 by creating the Stanford Twenty20 tournament, which captured a television audience of 300 million. He has spent the past three years in jail after being deemed a flight risk.
Published In The Express Tribune, June 16th, 2012.
More in PakistanFootball: Pakistan and Bahrain play out draw