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Judge delays release on bond of billionaire Stanford, accused of $7B swindle

Juan A. Lozano

June 26th, 2009

Judge delays release on bond of Stanford

HOUSTON — A federal judge has delayed releasing Texas billionaire R. Allen Stanford on bond until he can review a decision to allow the financier to be free until his trial on charges that he swindled investors out of $7 billion.

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. Stanford is being held in the meantime.

Hittner ordered a hearing be held on Monday to listen to arguments on whether Stanford’s bond should be revoked.

Prosecutors argue Stanford, who has ties to Antigua and access to money, is a flight risk. But his defense attorney says those claims are exaggerated and Stanford wants to stay and clear his name.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

HOUSTON (AP) — A federal judge has delayed releasing Texas billionaire R. Allen Stanford on bond until he can review a decision to allow the financier to be free until his trial on charges that he swindled investors out of $7 billion.

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. Stanford is being held in the meantime.

Hittner ordered a hearing be held on Monday to listen to arguments on whether Stanford’s bond should be revoked.

Prosecutors argue Stanford, who has ties to Antigua and access to money, is a flight risk. But his defense attorney says those claims are exaggerated and Stanford wants to stay and clear his name.

Filed under Business, Corporate, Corporate News, Crime, Finance, Government, Law and Order, Military, Politics | Tags: Contracts And Orders, Corporate Crime, Fraud And False Statements, Houston, North America, Texas, United States, Us-stanford-arraignment | Comment Below

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Judge delays release on bond of billionaire Stanford, accused of $7B swindle

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