Allen Stanford Denied Bail

by Jordan Yerman | June 29, 2009 at 10:50 am

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Allen Stanford has been denied bail, and must remain behind bars until his trial for his part in an international Ponzi scheme. District Judge David Hittner ruled Allen Stanford a flight risk.

In denying Mr. Stanford bail, the judge agreed with federal prosecutors, who asked him to review evidence that the financier posed an extraordinary flight risk. His order reversed an earlier ruling, granting Mr. Stanford a $500,000 bond, that was issued last Thursday by U.S. Magistrate Frances Stacy.

Robert Allen Stanford, currently in custody for an $8 billion fraud charge, awaits the result of his bond hearing. If convicted of all counts, Allen Stanford could face a sentence of up to 250 years, which would preclude parole. Prosecutors portray Allen Stanford as a flight risk, and are asking for his $500,000 bond to be revoked. Stanford is currently in jail, as he has been unable to come up wtih $100,000 in cash to post bail. Had he posted, Stanford would be able to go back to his luxury high-rise apartment, provided he wear an ankle-bracelet monitor.

"Stanford has the motive, means and opportunity to leave the United States prior to trial. There is no condition or combination of conditions that would eliminate these risks and ensure his appearance for trial," prosecutors said today in a court filing.

Allen Stanford's legal team says that Stanford is not a flight risk.

DeGuerin argued Stanford is not a flight risk and highlighted his charity efforts, including his work with a foundation for single mothers in Antigua, strong ties to his children and amicable relations with the mothers of his children as examples of his strong character.

With Bernie Madoff getting a 150-year prison sentence, it does not appear to be Disgraced-Financier Day.

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