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
A judge will decide whether Stanford may go free on bail.   (AP Photo/Lefteris Pitarakis, File)

(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.

View 2 more images
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
You Might Like
Comments
Be the first to comment on this story.