The 5th U.S. Circuit Court of Appeals on Monday upheld Judge David Hittner’s earlier ruling in that, Allen Stanford should remain jailed until his trial.
The Ponzi Schemer, Stanford, through his attorneys has been appealing court rulings to be released on bond until his trial begins.
Hittner had ruled earlier that Stanford with his dual citizenship in the U.S. and Antigua, is a flight risk.
Now a three-judge panel of appelate court judges wrote “Stanford has the means, the motive and the money to flee”. According to the panel Stanford “faces a potential sentence of 375 years in prison, has access to an international network of contacts, has previously concealed his travel” and has limited ties in Houston.
A hearing will be held on Thursday to discuss Stanford’s representation at which he is expected to be present.
Stanford had earlier fired his attorney, Dick DeGuerin and had asked Robert Luskin and Christina Sarchio of the Washington law firm Patton Boggs to represent him. However, these attorneys would like to know how they will be paid before taking the case.
Stanford has been charged with 21 counts including masterminding a $7 billion Ponzi scheme involving certificates of deposit based at his Antigua Stanford International Bank.
