Allen Stanford remains in jail pending hearing
Stanford, who pleaded not guilty on Thursday, insists he is determined to clear his name in court and "wants to stand and fight."
By Agencies |
HOUSTON: Texan cricket mogul and billionaire financier Allen Stanford must remain in jail until at least Monday while the US government challenges his release on bail, a judge ruled Friday.
Prosecutors have argued that there is a "strong likelihood" that Stanford will flee the country rather than face 21 charges of multi-billion-dollar fraud, money-laundering and obstruction.
Stanford, who pleaded not guilty on Thursday, insists he is determined to clear his name in court and "wants to stand and fight."
Judge David Hittner gave prosecutors until Monday to file a motion to revoke Stanford's release on a 500,000-dollar bond, court records showed.
Stanford faces up to 375 years in jail if convicted of all charges related to an alleged decade-long investment scam run out of the offices of the Stanford International Bank on the Caribbean island of Antigua.
Stanford, 59, had become a larger than life figure in Antigua, where his company was the largest employer and where he was even knighted in 2006 by the Caribbean island nation's governor-general.
The detention was a humiliating climb-down for the flamboyant Texan, who sports the clipped mustache and Saville Row style of English aristocracy.
Prosecutors argued that he has the "motive, means and opportunity" to flee and that there is "no condition or combination of conditions that would eliminate these risks and ensure his appearance at trial."
While Stanford's known assets have been frozen, a billion dollars in the bank's deposits still has not been located by a court-appointed receiver and prosecutors said it is "realistic" to assume he has access to some or all of it.
Stanford's lawyers argued that he has "affirmatively demonstrated his intention to appear for trial" by repeatedly offering to surrender himself to the authorities and that the "weight of the evidence" does not justify detention.
In a 57-page indictment, the US Department of Justice alleged the scam began in September 1999 and continued until about February 17 this year, attracting some 30,000 investors from across the world.
Stanford was charged along with his chief investment officer Laura Pendergest-Holt, accountants Mark Kuhrt and Gilberto Lopez and former Antigua financial regulatory agency chief Leroy King.
Stanford came to cricket prominence when he announced he was putting 28 million dollars into funding a Caribbean wide Twenty20 tournament in 2005.
He then went on to unveil in 2008 a 20-million-dollar winner-takes-all Twenty20 match between his Caribbean Superstars and England, which shocked and appalled many in the traditional cricket establishment.
Prosecutors have argued that there is a "strong likelihood" that Stanford will flee the country rather than face 21 charges of multi-billion-dollar fraud, money-laundering and obstruction.
Stanford, who pleaded not guilty on Thursday, insists he is determined to clear his name in court and "wants to stand and fight."
Judge David Hittner gave prosecutors until Monday to file a motion to revoke Stanford's release on a 500,000-dollar bond, court records showed.
Stanford faces up to 375 years in jail if convicted of all charges related to an alleged decade-long investment scam run out of the offices of the Stanford International Bank on the Caribbean island of Antigua.
Stanford, 59, had become a larger than life figure in Antigua, where his company was the largest employer and where he was even knighted in 2006 by the Caribbean island nation's governor-general.
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The detention was a humiliating climb-down for the flamboyant Texan, who sports the clipped mustache and Saville Row style of English aristocracy.
Prosecutors argued that he has the "motive, means and opportunity" to flee and that there is "no condition or combination of conditions that would eliminate these risks and ensure his appearance at trial."
While Stanford's known assets have been frozen, a billion dollars in the bank's deposits still has not been located by a court-appointed receiver and prosecutors said it is "realistic" to assume he has access to some or all of it.
Stanford's lawyers argued that he has "affirmatively demonstrated his intention to appear for trial" by repeatedly offering to surrender himself to the authorities and that the "weight of the evidence" does not justify detention.
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In a 57-page indictment, the US Department of Justice alleged the scam began in September 1999 and continued until about February 17 this year, attracting some 30,000 investors from across the world.
Stanford was charged along with his chief investment officer Laura Pendergest-Holt, accountants Mark Kuhrt and Gilberto Lopez and former Antigua financial regulatory agency chief Leroy King.
ADVERTISEMENT
Stanford came to cricket prominence when he announced he was putting 28 million dollars into funding a Caribbean wide Twenty20 tournament in 2005.
He then went on to unveil in 2008 a 20-million-dollar winner-takes-all Twenty20 match between his Caribbean Superstars and England, which shocked and appalled many in the traditional cricket establishment.
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