Stanford to stay in jail

| 25/08/2009

(Bloomberg):  Texas financier Allen Stanford accused of swindling investors in a $7 billion Ponzi scheme, must remain jailed until trial, which could be a year away, a federal appeals court ruled. A three-judge panel of the U.S. Court of Appeals in New Orleans has denied an appeal byStanford to be released on bail so he can assist in defending investment fraud charges that could keep him in prison for the rest of his life. Stanford, 59, is accused of leading a fraud scheme involving the sale of certificates of deposit through Antigua- based Stanford International Bank Ltd.

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