Texas cricket mogul Allen Stanford is a "serious flight risk" and must stay in jail until his multi-billion dollar fraud case is heard, a judge has ruled.
The billionaire financier's access to "an international network and financial resources" and "his familiarity with global travel" persuaded Judge David Hittner to deny him bail.
Prosecutors also claimed in court that he might have access to vast sums of hidden money around the world.
The mogul is facing up to 375 years in jail if found guilty of 21 charges of multi-billion-dollar fraud, money-laundering and obstruction.
Stanford's lawyer Dick DeGuerin said he was disappoined with the judge's decision and confirmed that his client will appeal.
He had argued in court that Stanford would have fled by now if he had wanted to, and said his assets had been seized leaving him "broke".
"They even took his underwear," Mr DeGuerin told the court.
But Judge Hittner replied in writing: "Stanford is a serious flight risk.
"There is no condition or combination of conditions of pre-trial release that will reasonably assure his appearance as required for trial."
Stanford has the right to go to trial within 90 days, but his lawyers could waive that right if they do not think they will have adequate time to prepare a defence.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
