Antigua St john's - Prosecutors in the US are pushing for a 230-year sentence for former Antiguan Knight R. Allen Stanford who was convicted on March 6 by a US federal jury for running a US $7 billion Ponzi scheme.
Labelling Stanford as a "ruthless predator" on Wednesday, the prosecutors presented their case to the judge that reflects the maximum recommended under federal sentencing guidelines.
If the judge agrees, Stanford would stand to serve some 80 years more than Bernard Madoff who was convicted in 2009 for his Ponzi scheme.
Defense lawyers are pushing for some 200 years less than their prosecuting counterparts, which could result in Stanford’s immediate release since he has been in custody for three years already, according to US laws.
"We feel like our recommendations are every bit as appropriate as I'm sure they think theirs are," said Robert Scardino, a lawyer for Stanford, in a Reuters interview.
The former businessman was convicted on 13 criminal counts of fraud, conspiracy and obstruction. U.S. District Judge David Hittner, who presided over Stanford's six-week trial, is scheduled to sentence Stanford on June 14.
Stanford also faces civil charges by the U.S. Securities and Exchange Commission.
Prosecutors say Stanford places "among the greediest, most selfish, and utterly remorseless criminals, and note that he ran a two-decade scheme centered on the sale of bogus certificates of deposit from his Antigua-based Stanford International Bank Ltd.
"Robert Allen Stanford is a ruthless predator responsible for one of the most egregious frauds in history… The sheer magnitude of the money stolen, the duration of the crime, and the extent to which Stanford lived a life steeped in deceit are almost unrivaled," prosecutors said on Wednesday in a filing in U.S. District Court in Houston.
Prosecutors also contended in their summation that the nature and circumstances of Stanford’s crimes, coupled with his role and personal history and the need for forceful deterrence, undoubtedly calls for the most severe punishment by law.
Further to his conviction, it was also found that federal authorities should try to seize some $330 million of frozen funds that Stanford stashed in 29 foreign bank accounts.
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