HOUSTON—R. Allen Stanford, the international financier known for his extravagant lifestyle, was sentenced to 110 years in federal prison Thursday for masterminding a $7 billion Ponzi scheme that was among the largest frauds in U.S. history.

The punishment amounts to a life sentence for Mr. Stanford, 62 years old, who for years enjoyed the rarefied life of a billionaire aboard jets, yachts and homes around the globe.

As...