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Stanford To Stay Jailed

CaribWorldNews, HOUSTON, Texas, Weds. July 1, 2009: Flamboyant cricket tycoon and financier, Sir Allen Stanford, must get used to calling a Texas jail home for now.

Judge David Hittner yesterday agreed with prosecutors that Stanford is a `serious flight risk` and must remain in jail until his multi-billion dollar fraud case comes to trial.

`Stanford is a serious flight risk and there is no condition or combination of conditions of pretrial release that will reasonably assure his appearance as required for trial,` Judge Hittner wrote.

Hittner stated that he based his decision upon `Stanford`s longstanding ties to a country other than the United States, his access to an international network and financial resources, his familiarity with global travel and the severity of the punishment he may be subjected to if convicted.`

Stanford, though born in the U.S., is a citizen of Antigua and Barbuda, where the bank he started allegedly perpetrated the $7 billion Ponzi scheme with apparent help from the country`s chief regulator.

Stanford`s lawyer Dick DeGuerin said he will appeal the decision.

Stanford, 59, who was knighted by the Antigua government in 2006, faces up to 375 years in jail if convicted on 21 charges of multi-billion-dollar fraud, money-laundering and obstruction.