Multi-Billionaire, http://www.senore.com/Cricket/R-Allen-Stanford-c82906, Charged for Fraud and sentenced for 110 years imprisonment - Cricket News Update
The 62-year-old http://www.senore.com/Cricket/Stanford-c90880 has been charged for fraud and was convicted in March on 13 of 14 charges of defrauding investors for $7 billion (£4.5 billion).The multi billionaire who had been arrested in 2009 had spent three years in jail without bail, the court’s trial was delayed due to medical reasons as Stanford had been beaten up by inmates.
The American cheat denied all charges in court and stated "I'm not here to ask for sympathy or forgiveness or to throw myself at your mercy. I did not run a Ponzi scheme. I didn't defraud anybody."
Although the Texas billionaire denies all charges the court has convicted him for a total span of 110-years, the opposition had asked for a strict punishment of at least 230 years. Allen was first arrested by the FBI when his companies were accused of money laundering and bribery. "Controversial Texan billionaire who has made significant investments in offshore finance, aviation, and property development in Antigua and throughout the region, His companies are rumored to engage in bribery, money laundering and political manipulation," said
The English Cricket Board had to undergo great deal of embarrassment as Stanford had made a deal with the ECB that there will be a series of matches where every game will have a pot of 20 million pound, with winner takes all. This was an attempt to make cricket in the region more popular so that the Stanford league can match its counterpart, the Indian Premier League.
The ECB signed a gigantic deal of $100 million dollars in total, although just one match took place in 2008 played at Stanford Cricket Ground, Antigua on 1 November 2008. This one-sided match was won by Stanford Superstars by 10 wickets after http://www.senore.com/Cricket/England-c56013 were bowled out on an embarrassing total of 101.
During the all important match, Stanford was walking into player’s dressing rooms at will and was socializing with English player’s wives in an overfriendly fashion. The main party suffering from such fraud was the investors who had actually funded Stanford’s expenditures. The money owed is still stuck with the US government, along with Allen’s businesses and assets.
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