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ScaredEitherWay

Us Judge Revokes Texan Billionaire Financier Alan Stanford's Bail

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Cricket entrepreneur and billionaire businessman Sir Allen Stanford must remain behind bars ahead of his multi-billion dollar fraud trial, a US judge has ruled.

At a courthouse in Houston, Texas, Judge David Hittner revoked bail for the tycoon after prosecutors argued that he was a flight risk due to his extensive links overseas.

The 59-year-old is charged with masterminding a ponzi scheme that allegedly scammed investors out of seven billion dollars (£4.2 billion).

The judge's ruling overturns a decision last week to allow Stanford to be freed on a 500,000 dollar (£304,000) bond.

On Monday, during four hours of argument, prosecutors told the court that his international ties meant Stanford might have the means to flee the country.

They noted his dual US and Antiguan citizenship and network of wealthy friends overseas. They also claimed that he might have access to vast sums of hidden money around the world.

But Stanford's lawyer Dick DeGuerin told the judge his client, who had an estimated fortune of around two billion dollars (£1.2 billion), was now penniless after his assets were seized.

He added that the tycoon wanted to fight the charges against him and attempted to hand himself in on a number of occasions before his indictment to show that he didn't want to flee the country.

It is not yet known if Stanford will appeal against the judge's ruling.

Last week, Stanford pleaded not guilty to charges that he masterminded a massive ponzi scheme.

http://www.google.com/hostednews/ukpress/a...U3but2L5X-j4o2g

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Good.

And madoff has 100+ years in nick.

Is common sense, decency and the rule of law making a welcome return to fashion??

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Guest sillybear2

The judge discovered that the $500k bond was issued by one of Stanford's banks anyway.

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Good.

And madoff has 100+ years in nick.

Is common sense, decency and the rule of law making a welcome return to fashion??

Those who have broken the UK economy are still free and allowed to enjoy the rewards of their ponzi schemes. (In fact on is still PM)

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Those who have broken the UK economy are still free and allowed to enjoy the rewards of their ponzi schemes. (In fact on is still PM)

True, but it's a start!

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Those who have broken the UK economy are still free and allowed to enjoy the rewards of their ponzi schemes. (In fact on is still PM)

Nobody ever seems to pay in this country. Remember the Maxwells?

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Nobody ever seems to pay in this country. Remember the Maxwells?

yep and Dame Porter

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