Judge delays release on bond of billionaire Stanford, accused of $7B swindle

Judge delays release on bond of Stanford

HOUSTON — A federal judge has delayed releasing Texas billionaire R. Allen Stanford on bond until he can review a decision to allow the financier to be free until his trial on charges that he swindled investors out of $7 billion.

U.S. District Judge David Hittner granted a prosecution request Friday to delay a magistrate’s order a day earlier that granted Stanford a $500,000 bond. Stanford is being held in the meantime.

Hittner ordered a hearing be held on Monday to listen to arguments on whether Stanford’s bond should be revoked.

Prosecutors argue Stanford, who has ties to Antigua and access to money, is a flight risk. But his defense attorney says those claims are exaggerated and Stanford wants to stay and clear his name.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

HOUSTON (AP) — A federal judge has delayed releasing Texas billionaire R. Allen Stanford on bond until he can review a decision to allow the financier to be free until his trial on charges that he swindled investors out of $7 billion.

U.S. District Judge David Hittner granted a prosecution request Friday to delay a magistrate’s order a day earlier that granted Stanford a $500,000 bond. Stanford is being held in the meantime.

Hittner ordered a hearing be held on Monday to listen to arguments on whether Stanford’s bond should be revoked.

Prosecutors argue Stanford, who has ties to Antigua and access to money, is a flight risk. But his defense attorney says those claims are exaggerated and Stanford wants to stay and clear his name.