Former tycoon Stanford jailed for 110 years

Former Texas billionaire R Allen Stanford has been sentenced to 110 years in prison for orchestrating one of the largest Ponzi schemes in US history.

The sentence was handed down by a US District Judge in Houston today.

Stanford was convicted by a jury in March on 13 of 14 fraud-related counts for taking more than $7bn from investors.

The jury also cleared the way for US authorities to seize millions in bank accounts connected to the 62-year-old.

Prosecutors said Stanford orchestrated a 20-year scheme that took billions through the sale of certificates of deposit from his Caribbean bank.

Stanford’s lawyers argued that he was a legitimate businessman.