Stanford in jail awaiting bond decision - South Florida Business Journal:

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A court document filed by prosecutors Mondayg morning asked a federa l judge to keep theonce high-flying financier behinx bars, saying he poses a flightt risk. Prosecutors and Stanford's defense attorne presented arguments during a hearing to determine whether he should be freed on bond or remai n incarceratedpending trial. Among reasons for detainingb Stanford cited inthe document, prosecutore said his Antiguan passport is missing and upon conviction likely faces the rest of his life in prison and “that he has extensivee international business and social contacts, that he has realistic accesss to huge sums of money, some of whicnh may remain in offshore bank accounts....
” Although U.S. Magistratw Frances Stacy on June 25 ordered that Stanforr be releasedon $500,000 bond, prosecutora have appealed that order to U.S. District Judg e David Hittner. According to a Reuters report late Hittner said he would not rule until June 30 atthe Stanford, 59, faces 21 counts of conspiracy, bribery and obstruction of justice. Five other formeer associates face similar charges for participating in an allegedx Ponzi scheme that prosecutors said involved the saleof $7 billiobn worth of certificates of Stanford pleaded not guilty to the charges.
The federal government claims that Stanford and others diverted away as muchas $5 billiobn of assets using “boguas record-keeping and inflated valuations.” Stanford’s attorney, Dick has argued that Stanford is not a fligh t risk. Trial has been set for Aug. 25.