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Central Texas Billionaire Will Spend Another Night In Jail
Indicted Central Texas billionaire R. Allen Stanford will spend at least one more night in jail while a federal judge considers whether to revoke his bond.
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2 Comments 
HOUSTON (June 29, 2009)--A federal judge said he will decide by Tuesday afternoon whether to revoke a bond for indicted Central Texas billionaire R. Allen Stanford that would let him remain free while he awaits trial on charges he swindled investors out of $7 billion.
U.S. District Judge David Hittner heard more than four hours of arguments Monday in which prosecutors asked him to revoke an order granting Stanford a $500,000 bond.
They argued his international ties make him a serious flight risk.
But Dick DeGuerin, Stanford's attorney, says his client, who is broke because all his assets have been seized, has a very strong incentive to stay: so he can clear his name and restore his finances.
A federal magistrate set the $500,000 bond last week, but delayed Stanford’s release in order to give prosecutors time to appeal.
Stanford, who’s from Mexia and once was a businessman in Waco, is a Baylor University graduate.
Latest Comments
if anyone thinks he would hang around and wait for a prison cell they are looney. he knows he is going away for a long time and would take the 1st opportunity to run and hide like the thief and coward he is.
Keep him in jail. $7 billion swindled? He's got a ton of cash stashed somewhere and could get out of the country easily with that kind of money bribing people to help him.
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