Allen Stanford sentenced to 110 years in prison

(Reuters) - Former billionaire Allen Stanford was sentenced to 110 years in prison on Thursday for running a $7 billion scheme in which he stole money from his investors to finance an extravagant lifestyle in the Caribbean.

U.S. District Judge David Hittner said Stanford's actions were among the most "egregious criminal frauds," and investors who lost money said Stanford's crimes were worse than those of Bernard Madoff, another Ponzi schemer.

In March, Stanford was convicted of 13 charges including fraud and conspiracy for selling certificates of deposit from his bank in Antigua to thousands of investors in the United States and Latin America. He had already spent some of those proceeds on yachts, girlfriends, sponsorship of a cricket tournament and other accoutrements of a high-rolling life.

Stanford denied committing fraud or running a Ponzi scheme and, in a statement that went on for 40 minutes, he blamed the U.S. government for ruining a business he said had enough assets to repay its depositors. "They destroyed it and turned it to nothing," he said.

Prosecutor William Stellmach told the judge: "This is a man utterly without remorse. He treated his victims like roadkill."

One of the victims, Angela Shaw, said Stanford preyed on retired teachers, veterans and refinery workers, unlike Madoff, who targeted the wealthy.

"He stole more than millions. He stole our lives as we knew them," Shaw said.