Former PGA Tour Sponsor Gets 110 Years Without Parole

Clifford Krauss on a "defiant" Allen Stanford getting sentenced to prison for a Ponzi scheme that cost several professional golfers savings.

A defiant Mr. Stanford, in a rambling statement to the court before the sentencing, intermittently fought back tears and shuffled papers, and said, “I’m not up here to ask for sympathy or forgiveness. I’m up here to tell you from my heart I didn’t run a Ponzi scheme.”

He blamed the government for the collapse of his businesses and asserted that “we could have paid off every depositor and still have substantial assets remaining.”

In response, federal prosecutor, William J. Stellmach, called Mr. Stanford’s version of events “obscene.”