Allen Stanford

Allen Stanford is a former American financier and sponsor of professional sports, best known for his involvement in a massive Ponzi scheme. He was the founder of Stanford Financial Group, which falsely promised high returns on certificates of deposit through his offshore bank in Antigua. In 2009, the U.S. Securities and Exchange Commission charged him with fraud, leading to his arrest. Stanford was eventually convicted and sentenced to 110 years in prison. His case highlighted significant regulatory failures and the risks associated with unregulated financial products, impacting thousands of investors and leading to questions about investor protection.