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.