Photo: Julio Cortez/ Chronicle
R. Allen Stanford, once flamboyant Texas billionaire and founder of the Stanford Financial Group, wearing an orange jumpsuit, handcuffs and leg chains entered a not guilt plea in a downtown Houston federal courthouse, to the 21 counts of conspiracy, fraud and obstruction of justice before him.
Stanford and three of his top executives have been accused of running a $7 billion Ponzi scheme, defrauding thousands of investors.
Stanford has been charged with 21 counts of conspiracy, fraud and obstruction of justice. Stanford pleading not guilty to the charges before him, asked that he be released on bond.
The three others indicted with Standford and who appeared in court on Thursday, also pleaded not guilty.
The three are: Laura Pendergest-Holt, former chief investment officer; Gilberto Lopez, former Houston-based chief accounting officer and Mark Kuhrt, former Houston-based global controller.
U.S. Magistrate Judge Frances Stacy will decide later today if Stanford will be released on bond.
