Robert Allen Stanford

Robert Allen Stanford is an American former financier and sponsor of sports who gained notoriety for being involved in a massive Ponzi scheme. He ran the Stanford Financial Group, which offered fraudulent certificates of deposit through his offshore bank. In 2009, the SEC charged him with fraud, claiming he misappropriated billions of dollars from investors. His scheme deceived thousands of people, promising high returns while using new investors' money to pay old ones. In 2012, he was convicted on multiple fraud charges and sentenced to 110 years in prison, highlighting the risks associated with unregulated financial practices.