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.   (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.   (AP Photo/William J. Hennessy Jr.)
Stanford is escorted into the federal courthouse, where he pleaded not guilty to fraud.   (AP Photo)
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