Friday, 1 July 2016
Last updated 2 hours ago
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.