U.S. judge delays indicted financier Stanford's release on bond
Indicted U.S. financier Allen Stanford, accused of directing a 7-billion-U.S. dollar fraud, will remain in federal custody at least until Monday, after a judge Friday delayed his release on bond, Xinhua reported.
U.S. District Judge David Hittner granted a prosecution request to delay a magistrate judge's order to release Stanford on a 500,000-dollar bond.
Magistrate Judge Frances Stacy granted Stanford's release on bond Thursday after a daylong detention hearing in Houston. But prosecutors, who argue the 59-year-old financier is a flight risk, appealed the bail setting.
Hittner ordered a hearing for Monday to hear arguments on whether Stanford's bail should be revoked.
Stanford was arrested on June 18 in Virginia, and indicted on June 19, along with his three associates and a top Caribbean regulator, on charges of fraud, conspiracy and obstruction of justice. If convicted of all charges in the 21-count indictment, he could face life in prison.
Stanford pleaded not guilty in Thurday's detention hearing. The three other co-defendants also entered not guilty pleas.