BusinessCorporate FinanceStanford’s bail revoked

Stanford's bail revoked

Judge: Stanford is a flight risk

A US judge has overturned Sir Allen Stanford’s bail ruling, saying he should
remain in jail until his fraud trial.

The judge overturned an earlier decision to grant Mr Stanford bail of
$500,000 (£305,000). Prosecutors argued he was a flight risk, and had a wealthy
network of friends and dual citizenship that would make it easy for him to flee
the US.

Mr Stanford will sit trial over allegations he defrauded investors of $7bn
(£4.2bn).

The BBC reports that Mr Stanford’s lawyers were disappointed with the
decision and would appeal against the ruling.

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