Stanford Pleads Not Guilty in $7B Ponzi Scheme

Prosecutors call financier flight risk, ask he be held without bail

By Ambreen Ali,  Newser User

Posted Jun 25, 2009 12:01 PM CDT

(Newser) – Financier Robert Allen Stanford and three former associates pleaded not guilty today to federal charges they operated a $7 billion Ponzi scheme out of Antigua, the Houston Chronicle reports. Prosecutors asked the judge not to release Stanford, 59, on bail, saying his wealth, international connections and prospect of a long sentence make him a flight risk.

A judge will decide whether Stanford may go free on bail.
A judge will decide whether Stanford may go free on bail.   (AP Photo/Lefteris Pitarakis, File)
An artist rendering shows Stanford, second from left, flanked by his attorneys  Christina Sarchio, left, and Maria Jankowski, second from right, during a hearing last week.
An artist rendering shows Stanford, second from left, flanked by his attorneys Christina Sarchio, left, and Maria Jankowski, second from right, during a hearing last week.   (AP Photo/William J. Hennessy Jr.)
Stanford is escorted into the federal courthouse, where he pleaded not guilty to fraud.
Stanford is escorted into the federal courthouse, where he pleaded not guilty to fraud.   (AP Photo)
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