Bond set for billionaire Stanford

June 25, 2009 4:11:36 PM PDT
A magistrate has set bond at $500,000 for Texas billionaire R. Allen Stanford but delayed her decision until Friday to give prosecutors time to appeal. [READ IT: United States vs. Robert Allen Stanford, Laura Pendergest-Holt, Gilberto Lopez, Mark Kuhrt and Leroy King]
[READ IT: United States vs. Bruce Perraud]
[READ IT United States vs. James M. Davis]
[READ IT: Statement from Dick DeGuerin, Stanford's attorney]

Stanford pleaded not guilty Thursday to charges he swindled investors out of $7 billion as part of a massive investment scam.

Two family members and a friend agreed to pay the bond set by U.S. Magistrate Frances Stacy, but she delayed her decision until Friday afternoon to give prosecutors time to appeal to the judge who will hear the case.

At his bond hearing, prosecutors argued Stanford should be held without bond because he might have access to billions of dollars in secret funds.

Stanford entered his plea during his arraignment in federal court. The financier was indicted on charges that his international banking empire was really just a colossal Ponzi scheme.

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