WSJ: Allen Stanford sentenced to 110 years in prison for Ponzi Scheme

[elux]

Stanford Hit With 110 Years Former Billionaire and Founder of Antigua-Based Bank Blames U.S. Government  

By DANIEL GILBERT And JEAN EAGLESHAM — HOUSTON — JUNE 14 2012

R. Allen Stanford, the international financier known for his extravagant lifestyle, was sentenced to 110 years in federal prison Thursday for masterminding a $7 billion Ponzi scheme that was among the largest frauds in U.S. history.

The punishment amounts to a life sentence for Mr. Stanford, 62 years old, who for years enjoyed the rarefied life of a billionaire aboard jets, yachts and homes around the globe.

As he prepared to be sentenced, a shackled Mr. Stanford shuffled to the witness stand and told U.S. District Court Judge David Hittner, "I'm not a thief."
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http://online.wsj.com/article/SB10001424052702303734204577466634068417466.html

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[Bitcoin Oz]

When are they arresting Ben Bernanke for the biggest ponzi of all time ?

[Kluge]

"The median sentence for murder was 178 months, or less than 15 years, according to U.S. Sentencing Commission data for the last quarter of 2011.

Some believe such long sentences send an important message. Bart Chilton, a commissioner at the Commodity Futures Trading Commission, welcomed the 110-year sentence for Mr. Stanford.

"I'm pleased to see the justice system work," he said, "and put the baddest of the bad apples—guys rotten to the core—away for a long time."'

[Herodes]

What goes around, comes around.

Pirate, you listening ?

[benjamindees]

When are they arresting Ben Bernanke for the biggest ponzi of all time ?

Stanford was just operating a pass-through 

[bitvestor]

The government gets away with every lie to tell us through the media,
they get away with their ponzi scheme on us,
they get away with murder,
they get away with stealing,
they get away with bigger crimes of hate,
they fight stupid wars and put us all at risk while they enjoy the security around them,
they get away with killings and then blame it on others,
they get away with intimidation,
they get away with kidnapping,
they get away with drug smuggling,
they get away with smoking weed,
they get away with black op's secret missions,
they get away with killing scientists just to protect what they built,
they get away with many mass murders,
well, we are still blind wait at what they get away with, and they set lots of people up, those who don't comply with their demands and they get away with that too..

Just be careful you might be the next government target, you will see lies and lies..

[Altoidnerd]

When are they arresting Ben Bernanke for the biggest ponzi of all time ?

I don't understand this level of consumer protection in society.  I should be allowed to ponzi anyone I please, though I'd refrain from it of course.

Hell, a good ponzi benefits everyone involved except one individual.  What do you want, society... 100% victory?

[bythesea]

Lets put it like this. He lived like a king for years and now, until he dies, and that might not take long he will live in a jail. Many would like to be in his shoes...

[durrrr]

i dont feel this guy should have gotten the death penelty for running a ponzi. did he deserve 10-15 years yes but not need to spend life in prison for it. the guy didnt kil anyone and he made a mistake just cause he was better at it than others dont mean he gets harder punismetn

[Lannister]

masterminding a $7 billion Ponzi scheme
 

i'm sure this guy is briliant!

[Bit_Happy]

Wasn't Facebook IPO a giant ponzi?

[teukon]

... according to prosecutors, who accused him of running a "massive, international criminal organization masquerading as a bank."

Replace "masquerading" with "known".

[twiifm]

Wasn't Facebook IPO a giant ponzi?

No how is it a Ponzi?

[right wing authoritarian]

The underwriter overpriced the IPO and then bought back stock for a period of time to keep the price inflated. It is not a real Ponzi but as the price is much much greater the cash flow you might be able to argue it acted like a partial Ponzi. I am not really sure it qualifies  though.

[Kluge]

The underwriter overpriced the IPO and then bought back stock for a period of time to keep the price inflated. It is not a real Ponzi but as the price is much much greater the cash flow you might be able to argue it acted like a partial Ponzi. I am not really sure it qualifies  though.

Facebook may currently operate like a ponzi, but it'd be a challenge to find someone who managed to lose money taking  long positions up until now. Can basically excuse the IPO manipulation... if everybody wins, there's no crime, right?

ETA: o wait...

[twiifm]

The underwriter overpriced the IPO and then bought back stock for a period of time to keep the price inflated. It is not a real Ponzi but as the price is much much greater the cash flow you might be able to argue it acted like a partial Ponzi. I am not really sure it qualifies  though.

Facebook may currently operate like a ponzi, but it'd be a challenge to find someone who managed to lose money taking  long positions up until now. Can basically excuse the IPO manipulation... if everybody wins, there's no crime, right?

ETA: o wait...

That's not a Ponzi.  A Ponzi is when you use new investment money to pay early investors REGARDLESS of what happens to the investment.  

Bitcoin is not a Ponzi either.  It's a pump & dump.  Its sold as a pyramid.  i.e. deflationary asset can never go down.  The earlier you get in the more money you make

[BitchicksHusband]

i dont feel this guy should have gotten the death penelty for running a ponzi. did he deserve 10-15 years yes but not need to spend life in prison for it. the guy didnt kil anyone and he made a mistake just cause he was better at it than others dont mean he gets harder punismetn

Probably largely irrelevant, since he's already 62.  15 years would have been 77.

[zolace]

When will people realize that the entire financial system and world economy is now just a Ponzi scheme devised by the Rich to get even Richer. That's how Ponzi schemes work.

[johnytelevision]

I wonder how many of those kind of businessmen get away with it. I don't expect he would get 15 years though.