CaribWorldNews, HOUSTON, TX, Tues. July 21, 2009: Texas financier Sir R. Allen Stanford has his attorney busy appealing Judge David Hittner`s `no bail` decision.
Stanford’s attorneys yesterday filed an appeal with the 5th U.S. Circuit Court of Appeals in New Orleans, asking for Hittner`s decision to be overturned.
Hittner recently revoked Stanford`s $500,000 bond and concluded that the Texan-born American turned Antigua citizen, was a serious flight risk.
udge Hittner ruled that Stanford should stay jailed until his August trial on charges that he swindled investors out of $7 billion.
But Stanford`s attorneys said Hittner made his decision based on misleading and inaccurate statements from prosecutors.
Stanford along with four executives of his now defunct Houston-based Stanford Financial Group and the former head of the Antigua Regulatory Commission, are accused of orchestrating a massive Ponzi scheme.