HOUSTON (June 26, 2009)--A federal judge Friday delayed releasing indicted Central Texas billionaire R. Allen Stanford on bond until he can review a decision to allow the accused financier to remain free until he is tried on charges he swindled investors out of $7 billion.

U.S. District Judge David Hittner granted a prosecution request Friday to delay a magistrate's order a day earlier that granted Stanford a $500,000 bond.

Hittner ordered a hearing be held on Monday to listen to arguments on whether Stanford's bond should be revoked.

Prosecutors argue that Stanford, who has ties to Antigua and access to money, is a flight risk, but his defense attorney says those claims are exaggerated and his client doesn't want to flee but stay and clear his name.

A U.S. magistrate set bond Thursday for the indicted billionaire, but delayed the release of the accused $7 billion investment scam architect until Friday to give prosecutors time to appeal.

Two family members and a friend agreed to provide the $500,000 bond that U.S. Magistrate Frances Stacy set, but she delayed her decision to release Stanford until Friday afternoon to give prosecutors time to appeal to the judge who will hear the case.

The friend and relatives would have to pay $500,000 if Stanford fails to make any court appearances.

The bond agreement requires them to make a $100,000 cash deposit and requires Stanford to participate in a GPS location monitoring program.

At his bond hearing, prosecutors argued Stanford should be held without bond because he might have access to billions of dollars in secret funds.

Earlier Thursday, Stanford pleaded not guilty to federal fraud and conspiracy charges in what prosecutors say was a $7 billion scheme to defraud investors.

Stanford, 59, wearing an orange prison jumpsuit and dark slip-on shoes, was the last inmate off the corrections shuttle bus Thursday morning.

He was wearing handcuffs and leg chains as he arrived at the federal courthouse in Houston.

He has denied allegations he swindled investors out of $7 billion in an elaborate Ponzi scheme.

Stanford, a Mexia native, Baylor University graduate and one-time Waco resident, was arrested June 18 in Virginia.

Stanford and three executives from his now defunct Houston-based Stanford Financial Group were arraigned on Thursday morning, a week after a grand jury returned a 21-count indictment against them.

The three executives, Laura Pendergest-Holt, Gilberto Lopez and Mark Kuhrt, also pleaded not guilty.

Meanwhile Thursday, an Antiguan official says the island's former chief financial regulator has surrendered to face U.S. charges that he aided the alleged $7 billion swindle.

Leroy King is accused of accepting more than $100,000 in bribes to turn a blind eye to the fraud.

The official who confirmed Thursday's arrest spoke on condition of anonymity because the person is not authorized to discuss the case.

King was fired by Antigua and Barbuda after U.S. prosecutors he was indicted last week by U.S. prosecutors.