Calling Allen Stanford a “ruthless predator” who organized one of the worst Ponzi schemes in U.S., prosecutors urged the court on Wednesday to sentence convicted financier Allen Stanford to prison for 230 years. The sentence that the prosecutors want is the maximum under federal sentencing guidelines and at least 80 years longer than the sentence for Ponzi star Bernard Madoff.
The defense lawyers submitted that Stanford be sentenced to 31-44 months, and count the three years he has already been in prison within that, essentially stating that Stanford be set free.
Prosecutors responded by mentioning in their submission, that Stanford’s request for a lenient sentence showed “an audacity that further illustrates his depravity.” The prosecutors further added, “the nature and circumstances of Stanford’s fraud, his own role and personal history, and the need for forceful deterrence calls for the most severe punishment permitted by law.”
Robert Allen Stanford is credited with running a more-than two decade scheme based on the sale of bogus certificates of deposit from his Antigua-based Stanford International Bank Ltd.
A person who led the life of a billionaire was declared indigent later on after exposure of his deeds and Stanford was convicted on March 6 by a federal jury in Houston on the charges of fraud, conspiracy and obstruction.
The prosecutors said in their filing in the U.S. District Court in Houston, “Robert Allen Stanford is a ruthless predator responsible for one of the most egregious frauds in history … The sheer magnitude of the money stolen, the duration of the crime, and the extent to which Stanford lived a life steeped in deceit are almost unrivaled.”
The prosecutors also said that the author of the $7 billion Ponzi scheme was “among the greediest, most selfish, and utterly remorseless criminals.”
A lawyer for Stanford, Robert Scardino, said: “We feel like our recommendations are every bit as appropriate as I’m sure they think theirs are.”
Stanford is scheduled to be sentenced on June 14 by U.S. District Judge David Hittner, who presided over the six-week long trial.
Stanford was convicted on 13 criminal counts, and in addition, the jury also found that the federal authorities should try to reclaim about $330 million of funds Stanford stashed in 29 foreign bank accounts.
The case is U.S. v. Stanford, U.S. District Court, Southern District of Texas, No. 09-cr-00342.