Photo credit: AP/David J. Phillip
By: Juan A. Lozano
Source: AP
Allen Stanford, the Texas billionaire who is accused of swindling investors to the tune of $7 billion will remain in jail, at least until June 29, when a U.S. Federal Judge will listen to arguments on whether his bond should be revoked.
U.S. District Judge David Hittner granted a prosecution request Friday to delay a magistrate’s order a day earlier that granted Stanford a $500,000 bond.
Prosecutors have said that Stanford, who has connections to the island of Antigua and access to money, is a flight risk. However, Stanford’s attorney has said such claims are overblown and that his client looks forward to staying and clearing his name.
Judge delays release on bond of Stanford
