HOUSTON (June 30, 2009)--A federal judge revoked bond Tuesday for Central Texas financier R. Allen Stanford, who's charged with swindling investors out of $7 billion.

U.S. District Judge David Hittner approved a prosecution request Tuesday 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 U.S. and Antiguan citizenship, having an international network of wealthy acquaintances who would help him and possibly having access to vast wealth hidden around the world, but his attorney, Dick DeGuerin, Stanford's attorney, says his client is penniless, has never tried to flee and wants to fight the charges against him.

The U.S. magistrate granted Stanford bond last week, but delayed the ruling to give prosecutors time to appeal.

Stanford, who’s from Mexia, graduated from Baylor University and was once a businessman in Waco.