International financier R. Allen Stanford has been sentenced to 110 years in federal prison for masterminding a $7 billion Ponzi scheme. In a statement before the court that lasted more than a half an hour, Stanford said, “I didn’t run a Ponzi scheme, I didn’t defraud anybody, and there was never any intent to defraud anybody.” Stanford’s sentence is 40 years shorter than the term Bernie L. Madaoff received in 2009 for orchestrating a $17.3 billion Ponzi scheme. Stanford’s lawyers contend that their client invested in real businesses and would have been able to repay investors but for the government’s intervention. Stanford, 62, is a native of Texas who started out owning a gym before eventually based his Stanford International Bank on the island of Antigua in the Caribbean.
The United State is not near the top of this list.
The rules might exclude entities with large U.S. insurance underwriting operations.
Organizations in the mix include Sun Life U.S., LifeQuotes.com, Allsup, Cigna and MetLife.
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