Former Texas billionaire gets 110 years for Ponzi scheme

Allen Stanford, the former Texas billionaire convicted of a $7 billion Ponzi scheme, was sentenced to 110 years in prison by a federal judge on Thursday.

Stanford, who was convicted of fraud, conspiracy and obstruction in March, used fake certificates of deposit issued by an offshore bank to bilk thousands of investors out of their savings.

The 110-year sentence compared with 150 years handed down to Bernie Madoff, who pleaded guilty to running a Ponzi scheme in March 2009.

Prosecutors had asked for a 230-year sentence for the "egregious fraud." Stanford's lawyers wanted a sentence closer to the three years he's already served in jail.