After three years of denial, a vigorously contested trial that lasted six weeks and Thursday's unrepentant speech before a judge and a courtroom filled with aggrieved investors, R. Allen Stanford offered an apology of sorts to a victim of his multibillion-dollar fraud.

"He had tears in his eyes and said, 'I'm so sorry,'" said Angela Shaw, one of the thousands of investors who lost billions of dollars in worthless certificates of deposit. "But then he said, 'This is wrong and you'll have to sue the United States government. They did this.'"

The brief, face-to-face encounter occurred as the courtroom began to empty after the 62-year-old Mexia native was sentenced to 110 years in prison - a life term, barring a successful appeal. For Shaw, it confirmed her view of Stanford's "sociopathic behavior."

The proceedings were notable for other theatrical flourishes.

A couple of hundred onlookers packed the federal courtroom as U.S. District Judge David Hittner called the sentencing hearing to order shortly after 10 a.m. At one point, Shaw, addressing the court, asked if it would be OK for the fraud victims in attendance to stand.

Fully half the crowd rose in silent rebuke.

In March, a jury found that Stanford ensnared thousands of investors around the globe through a fraud centered at his Stanford International Bank on the Caribbean island of Antigua.

During Thursday's hearing, Stanford lawyer Ali Fazel set a combative tone by accusing prosecutors of misleading the public in describing the Stanford case as a "Ponzi scheme" - one that pays early investors with funds raised from later ones rather than from actual investments.

"The government insists on calling this a Ponzi scheme because it sounds sexy for the media," Fazel said.

Rather, he told Hittner, returning to themes debated during the trial that concluded in March, Stanford made actual investments in myriad businesses and could have covered the CD balances if not for the heavy-handed intervention of federal regulators.

Comparisons to Madoff

He also suggested that Stanford is being unfairly punished because of the backlash that followed Bernard Madoff's historic Ponzi scheme. Madoff pleaded guilty three years ago and is serving a 150-year prison sentence.

Fazel asked Hittner to consider a term of no more than 10 years for his client.

Prosecutor William Stellmach punched back by painting Stanford as a remorseless predator of the middle class whose crimes are "unparalleled, even compared to Madoff." He said that Madoff kept about $250 million for himself and his family over the last 10 years of his scheme.

By comparison, Stellmach said, Stanford kept $2 billion for personal use.

But the highest drama came when Stanford, graying and paunchy in dark green prison togs, rose, at Hittner's offer, with a fistful of papers, to speak on his own behalf.

"I worked tirelessly, and honestly, to build a world-class, global financial-services company," he said, then repeatedly laid the blame for its collapse on the U.S. government.

Receivers, he said, moved too quickly in February 2009 to close down his businesses and unload his assets in a "fire sale." If allowed to continue to operate, he said, his enterprises would have recovered from the recession and he would have been able to repay holders of the CDs.

Prosecutors have estimated the size of the fraud at $5.9 billion - $7.2 billion on the books at the time it was uncovered, less $1.3 billion in "fictitious interest" on the CDs.

As he has since the federal authorities moved against him, Stanford denied any wrongdoing in the complex web. He described himself as "an easy target," a Texan with a colorful, outsized personality at a time of worldwide economic collapse.

"Whether I'm a scapegoat or whether I just became the thing used to deflect, I don't know," said Stanford.

Twice, he mentioned that he felt bad for the investors who lost money, his employees who lost their jobs and his own family members dragged into the affair.

But, he concluded, "I am and will always be at peace with the way I conducted myself in business."

Liable for $5.9 billion

Stellmach blasted the speech as "obscene" and urged Hittner to assess the 230-year maximum sentence.

A few minutes later, when the judge announced the aggregate total for the 13 counts on which Stanford was convicted - conspiracy, wire and mail fraud, obstruction and money laundering - the sentence ran to 110 years.

Stanford took a sip of water and drew a deep breath as Hittner noted that it is unlikely the prisoner ever will be released.

The judge also approved a "money judgment" that holds Stanford personally liable for $5.9 billion.

Jaime Escalona, a defrauded investor who lives in Caracas, Venezuela, and Austin and advocates for mostly Latin American investors, had called for the maximum during the hearing. From his dais in the courtroom, he called Stanford "a dirty, rotten scoundrel."

Afterward, he said he was glad, at least, that Stanford probably will never be free.

"We were hoping for the maximum," he said, "to make an example."

 

ronnie.crocker@chron.com twitter.com/rcrocker