R. Allen Stanford, now formally indicted on 21 counts --- including criminal conspiracy to commit mail, wire and securities fraud in an estimated $7 billion Ponzi scam, faces a federal judge in Houston Texas on Thursday who will decide custody.
Stanford, who maintains his innocence, will ask for bail. The judge will have to decide if he is a flight risk. Granting it may entail electronic monitoring, plus a huge cash sum, which Stanford probably doesn't have, seeing as how his personal accounts have been frozen by the IRS in a $250m unpaid tax case. Denying it could see Stanford spend years in jail awaiting trial and, if convicted, never coming out.
Wednesday, June 24, 2009
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