Judge Revokes $500K Bail for Billionaire R. Allen Stanford
Billionaire R. Allen Stanford had hoped to live with his girlfriend in a luxury apartment in Houston, albeit wearing an electronic monitoring bracelet, while preparing for his trial on federal charges concerning the alleged $7 billion bank fraud he is accused of masterminding.
But U.S. District Judge David Hittner revoked Stanford’s bond today, reversing a magistrate judge’s ruling last week that Stanford could be released on $500,000 bail before Stanford had a chance to post it, reports Bloomberg.
“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 says in a 13-page written opinion today, granting the government’s appeal of the magistrate judge’s bond decision.
Attorney Dick DeGuerin, who is representing Stanford in the Houston federal court case, says his client is very disappointed and plans to take the bail issue up to the New Orleans-based 5th U.S. Circuit Court of Appeals.
The 59-year-old financier is facing conspiracy, fraud, bribery and obstruction of justice charges concerning an alleged $7 billion fraud centered at the Antigua bank that anchored his fallen global empire.
Additional coverage:
ABAJournal.com: “Stanford Bond Stayed; Financier Drew $100M from Swiss Bank, Prosecutors Say”
ABAJournal.com: “Financier Stanford Indicted in $7B Scam After Surrender”
Houston Chronicle: “Judge denies bail for Stanford”
New York Times: “Bail Revoked for Financier Accused of Fraud”
