Judge Revokes Bail for Billionaire Accused of Fraud (Stanford)

[Lone_Star_Dem]

Source: Associated Press

HOUSTON (AP) — A federal judge on Tuesday revoked the bond of Texas financier R. Allen Stanford, the Texas billionaire accused of masterminding a $7 billion fraud against 30,000 investors, ordering he be kept in jail while he awaits trial.

Federal District Judge David Hittner issued an order overturning a magistrate judge’s decision last week to allow Stanford to be free on $500,000 bond but be under GPS monitoring and home detention. Stanford has been in custody since being indicted and arrested June 18.

It was not immediately known if Mr. Stanford’s lawyers would appeal.

Judge Hittner’s written decision came after a four-hour court hearing on Monday.

Read more: http://www.nytimes.com/2009/07/01/business/01stanford.html?ref=global

[havocmom]

1. Good. He does seem a likely flight risk

especially after yesterday's sentencing of a colleague.

[peace frog]

2. ...or a "convenient" death

ala Ken Lay. Good for the court!

[high density]

3. $500k bond??

Given the numbers involved here that's like a 'normal' person putting up $50.