HOUSTON (AP) _ Texas financier R. Allen Stanford could find out Monday if he will be freed on a bond of half a million dollars or stay locked up until his trial.
Stanford has been indicted on charges he swindled investors out of $7 billion.
At a federal hearing Monday morning, federal prosecutors are expected to argue that Stanford is a flight risk. He holds Antiguan
citizenship and may have access to hidden vast wealth.
But Stanford’s attorney says his client has never tried to flee and wants to fight the charges against him.
The once highflying financier and three executives of Houston-based Stanford Financial Group were indicted earlier this month on charges of misusing most of the $7 billion they advised lients to invest in certificates of deposit from the Stanford International Bank in the Caribbean island of Antigua.