US Judge David Hittner in Houston imposed the sentence on 14 Jun 2012, after saying Stanford had been found guilty of “one of the most egregious criminal frauds ever presented to a jury in federal court". Stanford wasted investor money on failing businesses, yachts and cricket tournaments and secretly borrowed as much as $2 billion from his bank. Victims described Stanford as treating them like "road kill". Stanford was ranked 205 on Forbes magazine’s 2008 list of the richest Americans, with a net worth of USD2.2 billion.
Doubt that this will prevent another fraud case from happening. Investors need to be better educated and not be tempted with high return, often sweet-talked into it by brokers / consultants / agents who are paid super high commission. As Accountant and CFP, I always remind clients to stay away from such financial investments (including "schemes" approved by the government). Buyer beware.
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