Everything really is bigger in Texas, including the prison terms...

Billionaire facing 250 years in jail

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WASHINGTON - Brash Texas billionaire R. Allen Stanford was indicted Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery.

A judge in Virginia has ordered indicted billionaire R. Allen Stanford to return to his home state of Texas.



Magistrate Hannah Lauck (Lock) agreed with prosecutors during a hearing Friday in Richmond, Va., that Stanford poses a flight risk and ordered a detention hearing. Stanford will remain in custody until that hearing can be held in Houston.



The Justice Department announced charges against Stanford and six others who allegedly helped the tycoon run a $7 billion swindle.

Among those charged were executives of Stanford Financial Group and a former Antiguan bank regulator who prosecutors say should have caught the fraud but instead took bribes to let the scheme continue.



Robert Khuzami, the enforcement director for the Securities and Exchange Commission, said investigators have built “an impressive criminal case from the rubble of this massive fraud.”

If convicted of all charges in the 21-count indictment, Stanford could face as much as 250 years in prison, officials said.

This isn't terrible this is wonderful.

What Mafiosa said.

Quote :

$7 billion swindle

Normally, a slimeball like this gets a slap on the wrist, usually less jail time than some poor person who held up a convienience store for $200. I'm not going to shed any tears for a kleptarch spending the rest of his life and then some for this act of colossal fraud and robbery (if he's convicted, of course)

Besides, the whole "50 million years in prison" is a good trick to make sure he never gets out.

Hmm...$7 billion. Compared to Madoff, this guy is an amateur.

KelinciHutan wrote:

Besides, the whole "50 million years in prison" is a good trick to make sure he never gets out.

Tru dat.

KelinciHutan wrote:

Besides, the whole "50 million years in prison" is a good trick to make sure he never gets out.

Nah, he'll use his pull and get the charges reduced.
INjustice is for those who can afford it.
I'm hoping for the day when some slimeball like this gets sentenced to pay back every dime s/he swindled out of customers.... through a Mcjob.

quamp wrote:

KelinciHutan wrote:

Besides, the whole "50 million years in prison" is a good trick to make sure he never gets out.

Nah, he'll use his pull and get the charges reduced.
INjustice is for those who can afford it.
I'm hoping for the day when some slimeball like this gets sentenced to pay back every dime s/he swindled out of customers.... through a Mcjob.

That would be justice...but rather ineffectual for the people needing their money back. Give him a high-paying job and make every penny go back to the people he swindled.