Stanford Spends another Night in Jail

Texas billionaire investor R. Allen Stanford should find out later today whether he is released on bond, or remains jailed before the start of his trial. He's accused of bilking thousands of investors out of seven billion dollars. Pat Hernandez has the story.

The 59-year old Stanford traded his orange prison jump suit for a blue pinstripe suit in Federal judge David Hittner's courtroom.

Hittner told the court "we're in no rush here" before he heard four hours of arguments on the merits of an order issued lat week by magistrate Frances Stacy. She ordered Stanford be released on a half million dollars bond. He was indicted on 21-counts of bribery, conspiracy and fraud.

Prosecutor Gregg Costa told Judge Hittner that the indictment alleges a decade long fraud scheme that duped investors out of
billions of dollars. He said  because of Stanford's dual citizenship in the U.S. and Antigua, international contacts and access to at least a billion dollars of money not accounted for, makes him a serious flight risk.

Attorney Dick DeGuerin reiterated his arguments of last week supporting Stanford's release. He told Judge Hittner his client, who is broke because all his assets have been seized, has a very strong incentive to stay — to clear his name and restore his finances.

Outside the federal courthouse prosecutor Costa had no comment. Stanford's attorney DeGuerin told reporters he thought the proceedings went well.

"I just think that with the government stripping every asset, every dollar, every penny uh, every possession from Mr. Stanford, and then demanding an extremely high bond is not fair. I think that Judge Hittner will issue a fair ruling and we'll go from there."           

Judge Hittner said he would not make his decision on the fate of Stanford before this afternoon at the earliest.

Pat Hernandez, KUHF...Houston Public Radio News.       

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Pat Hernandez

Reporter

Pat Hernandez is a general assignments reporter who joined the KUHF news staff in February of 2008...