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)
camera-icon View 2 more images

(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.