Indicted U.S. billionaire Stanford expected in Texas for detention hearing
Indicted U.S. billionaire Allen Stanford, accused by the federal government of directing a 7- billion-U.S.-dollar fraud, is expected to be back in Houston, Texas on Tuesday and will most likely head to Houston federal court for a detention hearing on Wednesday, local media said, according to Xinhua.
Stanford was arrested on June 18 in Virginia, and indicted on June 19, along with three associates and a top Caribbean regulator on fraud, conspiracy and obstruction charges in an elaborate 7- billion-dollar pyramid scheme to bilk investors.
During Stanford's initial court appearance in Virginia on June 19, a federal judge ordered the 59-year-old disgraced financier to be transferred to Houston for a hearing on whether he should be granted bail.
Stanford, who was traveling in the custody of the U.S. Marshal' s office, is expected to arrive on Tuesday in Houston, where media from the country have converged for his appearance. But local media quoted anonymous sources as saying that he will most likely be taken to court on Wednesday.
Stanford's case is the first major financial crimes prosecution brought under the administration of U.S. President Barack Obama, who has vowed to crack down on economic malfeasance amid a deep global recession.
If convicted of all charges in the 21-count indictment, Stanford could face life in prison, officials said.