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Prosecutors want Stanford sentenced to 230 years

Published:Friday | June 8, 2012 | 12:00 AM
Allen Stanford ... facing 230-year sentence. - File

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

The 230 years is the maximum term he can get.

Prosecutors made their request to United States District Judge David Hittner in a court motion filed Wednesday in Houston, Texas.

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.

- AP