A judge has deemed Allen Stanford a flight risk, and so he’ll be staying in the slammer until his trial starts. Sucks for him.

(To be honest, the fact that he didn’t flee prior to being arrested makes us question this decision a little, but then if anyone has the means to still flee, it’s probably him).


HOUSTON (AP) — A judge has revoked bond for Texas financier R. Allen Stanford, who’s charged with swindling investors out of $7 billion.

U.S. District Judge David Hittner on Tuesday approved a request by prosecutors to overturn a magistrate judge’s decision to allow Stanford freed on $500,000 bond pending his trial.

Prosecutors argue that Stanford’s international ties make him a serious flight risk. Stanford holds dual U.S. and Antiguan citizenship, has an international network of wealthy acquaintances who would help him and possibly access to vast wealth hidden around the world.

But Dick DeGuerin, Stanford’s attorney, says his client is penniless, has never tried to flee and wants to fight the charges against him.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.