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Stanford Hedges Bet On Appellate Court

CaribWorldNews, HOUSTON, TX, Mon. July 13, 2009: Indicted financier, Sir Allen Stanford, is hoping an appellate court will free him from the federal prison he’s currently forced to call home.

Stanford`s lawyer on Friday said he will take the case to the Fifth Circuit Court of Appeals after Judge David Hittner, without explanation, denied a request to reconsider his June 30 decision to keep Stanford behind bars pending his trial.

Stanford’s trial is currently set for August 25, but his lead attorney, Dick DeGuerin, has suggested the trial will need to be delayed, since it will take up to a year to prepare for it.

Sir Allen and three other executives of Stanford Financial Group were accused in an indictment in June of orchestrating a massive fraud by misusing most of the $7 billion they advised clients to invest in certificates of deposit from the Stanford International Bank in Antigua.

Stanford and his co-defendants are charged with wire fraud, mail fraud, conspiracy to commit mail, wire and securities fraud and conspiracy to commit money laundering.