Judge delays release on bond of Stanford

June 26, 2009 12:53:09 PM PDT
A federal judge has delayed releasing Texas billionaire R. Allen Stanford on bond until he can review a decision to allow the financier to be free until his trial on charges that he swindled investors out of $7 billion. U.S. District Judge David Hittner granted a prosecution request Friday to delay a magistrate's order a day earlier that granted Stanford a $500,000 bond. Stanford is being held in the meantime.

Hittner ordered a hearing be held on Monday to listen to arguments on whether Stanford's bond should be revoked.

Prosecutors argue Stanford, who has ties to Antigua and access to money, is a flight risk. But his defense attorney says those claims are exaggerated and Stanford wants to stay and clear his name.

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