HOUSTON, Texas, June 29, 2009 – Sir Allen Stanford will remain in jail until his August 25th trial, after a federal judge revoked the US$500,000 granted by a magistrate last Thursday.
United States District Judge David Hittner today agreed with US prosecutors that Sir Allen, who faces life in prison if convicted on all 21 criminal fraud charges filed against him, could try to flee the jurisdiction.
“The court determines that Stanford is a serious flight risk and there is no condition or combination of conditions or pretrial release that would reasonably assure his appearance,” he said in the order. Sir Allen will therefore remain in a federal detention centre.
But Sir Allen’s attorney Dick DeGuerin said they would not accept the decision.
“We are very disappointed and we are going to appeal to the F Circuit,” he said in a statement.