Stanford in jail as prosecutors protest bond
HOUSTON (Reuters) - Accused swindler Allen Stanford will spend at least one more night in a Texas jail after a U.S. judge stayed her decision to grant a $500,000 bond because the U.S. government plans to appeal.
U.S. Magistrate Judge Frances Stacy had approved a plan to release Stanford on $500,000 bond, including a $100,000 cash deposit put up by friends and family.
Judge Stacy then stayed the issuance of Stanford's bond after the U.S. government objected on the grounds that Stanford is a flight risk.
"This defendant has motive, opportunity and means to flee," said Assistant U.S. Attorney Paul Pelletier.
Evidence at the hearing showed Stanford may have access to millions of dollars removed from a secret Swiss bank account late last year and has few real ties to Texas, the prosecutors said.
"If a jury convicts him, he's going to jail for the rest of his natural life," the prosecutor said.
Federal prosecutors will likely file their appeal on Friday morning. Then U.S. District Judge David Hittner, who is assigned to the case, will rule on the government's motion.
The once high-flying billionaire and sports promoter has been in federal custody since June 18, when he surrendered to the FBI in Virginia after a Houston grand jury indicted him on 21 counts of conspiracy, fraud and obstruction of justice.
Stanford entered a plea of "not guilty" before the packed courtroom.
(Reporting by Anna Driver and Eileen O'Grady; Editing by Richard Chang)
