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U.S. financier Allen Stanford to be jailed until fraud trial

Published: 24/08/2009 05:00

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A U.S. federal appeals court ruled on Monday that indicted U.S. billionaire Allen Stanford must remain jailed until his fraud trial.

Texas billionaire Allen Stanford gives members of the media a thumbs up as he leaves the Bob Casey Federal courthouse in the custody of U.S. Marshals in Houston June 29, 2009. (Xinhua/Reuters Photo)

The 5th U.S. Circuit Court of Appeals in New Orleans on Monday upheld a lower-court ruling that revoked the Texan financier’s bond on the grounds that he is a flight risk and should remain in custody until his trial, which could be a year away.

Stanford was initially granted bail by a magistrate judge, but U.S. District Judge David Hittner revoked the bond after prosecutors argued that the 59-year-old Texas financier is a serious flight risk.

Stanford’s attorneys had argued that Stanford was not a flight risk, and appealed for his release on bail so he can assist in defending investment fraud charges that may lead to a life sentence for him.

Stanford and four executives of his now defunct Stanford Financial Group are accused of orchestrating a massive Ponzi scheme and swindling investors of as much as 7 billion U.S. dollars.

Stanford has been in federal custody since his arrest on June 18. He will return to court Thursday for a public hearing to determine who will represent him legally, according to local media reports.

VietNamNet/Xinhuanet

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U.S. financier Allen Stanford to be jailed until fraud trial - International - News |  vietnam travel company

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