Stanford Must Stay Jailed

admin

CaribWorldNews, NEW ORLEANS, LA, Tues. Aug. 25, 2009: A New Orleans appeals court on Monday ruled that Sir R. Allen Stanford must stay jailed until his trial.

The U.S. Court of Appeals` three-judge panel denied a petition by the Texas financier to be released on bail in the $7 billion Ponzi scheme case against him.

But the court agreed with the initial ruling that the U.S.-born, Antigua national flamboyant businessman, must remain jailed until trial, which could be a year away.  The investment fraud charges against Stanford, 59, could keep him in prison for the rest of his life.

The U.S. SEC alleges that Stanford perpetrated a fraud scheme involving the sale of certificates of deposit through Antigua- based Stanford International Bank Ltd.

He has pleaded not guilty and has been in custody without bail since June 18.

 

Next Post

Let Us Celebrate Usain Bolt And Caribbean Heroes And Sheroes

By David Hinds CaribWorldNews, PHOENIX, Arizona, Weds. Aug. 26, 2009: I pen these short comments as a proud Caribbean man. At a time when Caribbean cricket is at an all time low, the superlative performances of the region`s track and field athletes in Berlin, led by the unmatched and unmatchable […]