Prosecutors want Stanford sentenced to 230 years

AP News
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Posted: Jun 06, 2012 9:19 PM

Federal prosecutors want former Texas tycoon and convicted fraudster R. Allen Stanford to be sentenced to 230 years in prison _ the maximum term he can get _ for bilking investors out of more than $7 billion in a Ponzi scheme.

Prosecutors made their request to U.S. District Judge David Hittner in a court motion filed Wednesday in Houston.

Hittner is set to sentence Stanford on June 14.

In their motion, prosecutors say Stanford wants to be sentenced to time served. The financier has been jailed since 2009.

A jury in March convicted the 62-year-old Stanford on 13 of 14 fraud-related counts for orchestrating a 20-year scheme that took in billions through the sale of certificates of deposit from his Caribbean bank.

Stanford's attorneys argued he was a legitimate businessman.