Allen Stanford, the former Texas billionaire, charged with swindling thousands of investors with the $7 billion Ponzi scheme that he and some of his top associates ran, will not be released on bond.
Judge David Hittner approved the prosecutors request and overturned a magistrate judge’s decision to release Stanford on $500,000 bond pending his trial.
Prosecutors argued successfully that Stanford is a flight risk, particularly given his connections on the island of Antigua, where he is also a citizen, and the large sums of money that he might still have access to, internationally.
Stanford’s attorney, Dick DeGuerin has maintained that his client wants to stay and clear his name, is penniless and not a flight risk.
