London, July 1 (ANI): Texas billionaire businessman and alleged fraudster, Sir Allen Stanford, is a "serious flight risk" and must stay in jail pending trial, a judge has ruled.
The cricket entrepreneur has been charged with seven counts of wire fraud, ten counts of mail fraud and conspiracy to launder money. The billionaire financier will continue to be detained in a Houston jail until his multi-billion dollar fraud case is heard.
Stanford's access to "an international network and financial resources" and "his familiarity with global travel" persuaded Judge David Hittner to deny him temporary freedom.
He added that the severity of the punishment he faces if convicted could also see Stanford go on the run.
The mogul could receive up to 375 years in jail if found guilty of 21 charges of multi-billion-dollar fraud, money laundering and obstruction, SKY News reports.
Stanford's lawyer Dick DeGuerin confirmed his "disappointed" client would appeal against judge's decision
He had argued in front of the judge that Stanford would have fled by now if that had been his intention, and the possibility was void given that "he's broke" after his assets were seized.
"They even took his underwear," 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." (ANI)
The cricket entrepreneur has been charged with seven counts of wire fraud, ten counts of mail fraud and conspiracy to launder money. The billionaire financier will continue to be detained in a Houston jail until his multi-billion dollar fraud case is heard.
Stanford's access to "an international network and financial resources" and "his familiarity with global travel" persuaded Judge David Hittner to deny him temporary freedom.
He added that the severity of the punishment he faces if convicted could also see Stanford go on the run.
The mogul could receive up to 375 years in jail if found guilty of 21 charges of multi-billion-dollar fraud, money laundering and obstruction, SKY News reports.
Stanford's lawyer Dick DeGuerin confirmed his "disappointed" client would appeal against judge's decision
He had argued in front of the judge that Stanford would have fled by now if that had been his intention, and the possibility was void given that "he's broke" after his assets were seized.
"They even took his underwear," 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." (ANI)
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