Judge Revokes Bond for Texas Financier Stanford

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Judge Revokes Bond for Texas Financier Stanford

KIIITV News

Story Created: Jun 30, 2009 at 2:01 PM CST

Story Updated: Jun 30, 2009 at 2:01 PM CST

HOUSTON (AP) - A judge has revoked bond for Texas financier R. Allen Stanford, who's charged with swindling investors out of $7 billion.

U.S. District Judge David Hittner on Tuesday approved a request by prosecutors to overturn a magistrate judge's decision to allow Stanford freed on $500,000 bond pending his trial.

Prosecutors argue that Stanford's international ties make him a serious flight risk. Stanford holds dual U.S. and Antiguan citizenship, having an international network of wealthy acquaintances who would help him and possibly having access to vast wealth hidden around the world.

But Dick DeGuerin, Stanford's attorney, says his client is penniless, has never tried to flee and wants to fight the charges against him.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
AP-NY-06-30-09 1546EDT

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