Waiting for Stanford

HOUSTON [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]

The man some have dubbed as the "mini-Madoff" has a date with a federal judge. That judge will decide whether to allow /*Stanford*/ to go free on bond, pending his trial on fraud charges.

The founder and former chairman of the Stanford Financial Group is accused of running a $7 billion Ponzi scheme. He is traveling in the custody of the U.S. Marshal's office, who told us he will be moved to the federal detention center before any appearance in court.

When he does appear before the magistrate judge Thursday morning, Stanford's attorneys are expected to request a bond. And our Eyewitness News legal analyst Joel Androphy predicts he will get one.

The question will be how much a judge will make him pay to walk free.

"The court's gonna believe he's got money somewhere," said Androphy. "Nobody with his wealth walks away with no balance."

At Stanford's detention hearing, a judge will decide if he is a danger to the public or if he poses a flight risk.

"If he was gonna escape, the odds are he would have been gone by now," said Androphy.

That judge will then likely determine if Stanford is to be released on bond, presuming he can come up with the money. The government has frozen all his assets.

"It's unlikely that he could make it, unless somebody helps contribute to it," said Androphy.

If someone does post bond for Stanford, Androphy said that person will be scrutinized. The government would look at why anyone would do that for him, where the money came from, and if it can be traced back to any of the investors who allegedly have been ripped off.

Federal agents raided the offices of Stanford Financial on February 17.On the same day, the Securities and Exchange Commission filed civil charges against Stanford accusing him of masterminding the Ponzi scheme. Stanford's assets along with those of his companies were frozen and placed into receivership by a US federal judge.

In April during a sit-down interview with Eyewitness News reporter Jessica Willey, Stanford denied the charges and vowed to fight them. Last week, the criminal charges were filed. The 21-count indictment against Stanford and six others was unsealed.

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