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Stanford Remains Jailed

CaribWorldNews, HOUSTON, TX, Tues. June 30, 2009:  Sir Allen Stanford last night remained jailed in a federal detention facility after a judge yesterday said he was `in no rush` to rule on a bail request.

Judge David Hittner told Stanford, 59, his lawyers and prosecutors at a hearing Monday that he will not rule on the request to release the financier, accused of running a US$7 million ponzi scheme before this afternoon at the earliest.

Federal prosecutors want Stanford imprisoned pending trial and insisted that the Texas-born businessman is a flight risk.

Stanford had no reaction to the arguments but his lawyer, Dick DeGuerin, insists that to date, his client has not run, even though he could have, but has faced his problems.

Stacy has been charged with 21 counts of conspiracy, fraud, bribery and obstruction of justice. Five others, including the ousted former top regulator on the Caribbean island where Stanford’s offshore bank is located and where he is a citizen, face similar charges for participating in the alleged scheme.