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Judge Revokes Stanford Bond

By the Associated Press

Posted Jun 30, 2009 3:10 PM CDT

(AP) – A US district judge today revoked bond for Texas financier R. Allen Stanford, who's charged with swindling investors out of $7 billion. David Hittner approved a request by prosecutors to overturn a magistrate judge's decision to allow Stanford freed on $500,000 bond pending his trial. Prosecutors argued that Stanford's international ties make him a serious flight risk.

Stanford holds dual US and Antiguan citizenship, has an international network of wealthy acquaintances who would help him and possibly access to vast wealth hidden around the world. These are "flight risk indicators that are virtually unprecedented for a white collar defendant," a prosecutor said. But Dick DeGuerin, Stanford's attorney, says his client is penniless, has never tried to flee and wants to fight the charges against him.

Billionaire R. Allen Stanford  is escorted from the federal courthouse in Houston.
Billionaire R. Allen Stanford is escorted from the federal courthouse in Houston.   (AP Photo)
Billionaire R. Allen Stanford yesterday.
Billionaire R. Allen Stanford yesterday.   (AP Photo)
Billionaire R. Allen Stanford gives a thumbs-up as he is escorted in chains out of the federal courthouse yesterday.
Billionaire R. Allen Stanford gives a thumbs-up as he is escorted in chains out of the federal courthouse yesterday.   (AP Photo)
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COMMENTS
Showing 3 of 3 comments
Fondue
Jun 30, 2009 10:02 AM CDT
It's good to see folks are dropping the "sir" from his name.
browzman
Jun 30, 2009 9:35 AM CDT
My god! Have you seen the before and after photos of Allen Stanford? Prison life will do that to you!
AdaptAndOvercome
Jun 30, 2009 8:21 AM CDT
And they are suppose to believe him because he's been so honest up to now. What a joke?

Copyright 2012 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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