In this photo taken April 16, 2009 and made available Monday, May 21, 2012, Wu Ying, head of the Bense Holding Group, attends the first trial for her running of a Ponzi scheme involving over 773 million yuan between 2005 and 2007 at a court in Jinhua city in eastern China's Zhejiang province. The former Chinese tycoon who was convicted of illegally raising money for her business has been sentenced to prison after China's supreme court overturned a death sentence following a public outrcy. (AP Photo)
HOUSTON: Federal prosecutors want former Texas tycoon and convicted fraudster R. Allen Stanford to be sentenced to 230 years in prison — the maximum term he can get — for bilking investors out of more than $7 billion in a Ponzi scheme.
Prosecutors made their request to U.S. District Judge David Hittner in a court motion filed Wednesday in Houston.
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/msw)
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