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Judge Revokes Bond For Texas Financier Stanford

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Jun 30, 2009 2:00 pm US/Eastern

Judge Revokes Bond For Texas Financier Stanford

R. Allen Stanford, 3 Executives, Accused Of Running $7 Billion Scheme To Defraud Investors

HOUSTON (AP) ― A judge has revoked bond for Texas financier R. Allen Stanford, who's charged with swindling investors out of $7 billion.

U.S. District Judge David Hittner on Tuesday approved a request by prosecutors to overturn a magistrate judge's decision to allow Stanford freed on $500,000 bond pending his trial.

Prosecutors argue that Stanford's international ties make him a serious flight risk. Stanford holds dual U.S. and Antiguan citizenship, has an international network of wealthy acquaintances who would help him and possibly access to vast wealth hidden around the world.

But Dick DeGuerin, Stanford's attorney, says his client is penniless, has never tried to flee and wants to fight the charges against him.

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