Stanford Bail Revoked, Assets Frozen In London

Jul 1 2009 | 12:54pm ET

Texas fund of hedge funds manager, financier and accused Ponzi schemer R. Allen Stanford isn’t going anywhere. A federal judge in Houston yesterday revoked Stanford’s bail and ordered him held pending trial for allegedly ripping investors off to the tune of $7 billion.

U.S. District Judge David Hittner overturned a magistrate judge’s decision last week to allow Stanford to be freed on $500,000 bond. Hittner said that Stanford, who is a dual U.S.-Antiguan citizen, is a flight risk.

“The court determines that Stanford is a serious flight risk and there is no condition or combination of conditions of pretrial release that will reasonably assure his appearance as required for trial,” Hittner wrote.

Stanford has been jailed since his arrest in Virginia on June 18. He was indicted on fraud and obstruction of justice charges earlier this month, four months after the Securities and Exchange Commission charged him with fraud. Stanford has pleaded not guilty to the charges, and denied any wrongdoing.

Meanwhile, British authorities have frozen some US$100 million in Stanford assets believed to be held in London. The Serious Fraud Office obtained the restraining order at the request of the U.S. Department of Justice on April 7.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...