Appeals Court Mandates Stanford Stay Jailed

HOUSTON (AP) _ A federal appeals court has ruled that billionaire R. Allen Stanford must stay in jail until his Texas trial on fraud charges.

The 5th U.S. Circuit Court of Appeals in New Orleans upheld a lower-court ruling Monday that revoked Stanford’s bond on the grounds that he is a flight risk.

The judges wrote that Stanford “has the means, the motive, and the money to flee.”

Stanford’s attorneys had argued that the 59-year-old was not a flight risk, citing his family ties in Houston.

Stanford and four executives of his now defunct Stanford Financial Group are accused of orchestrating a massive Ponzi scheme in a criminal indictment in Houston. Investigators said Stanford secretly diverted more than $1.6 billion in investor funds as personal loans to himself.

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