HOUSTON, Texas – R. Allen Stanford won’t be getting out of jail any time soon, a federal judge decided today.
Stanford, former CEO of the failed Stanford financial empire, was arrested in June 2009 on 23 federal counts that he and others masterminded a $7.2 billion Ponzi scheme on certificate of deposit investors.
Stanford had offices in Mississippi – Tupelo and Jackson – and in Memphis, among other places. Scores of the region’s residents lost their life savings when the company collapsed under the weight of an investigation by the Securities and Exchange Commission.
His attorneys, including famed defense attorney Allen Dershowitz, petitioned the U.S. District Court in South Texas to allow him out of jail for house arrest so that he could assist in preparing for his January 2011 trial.
Today, District Judge David Hittner said no.
It’s the third time he’s been turned down for bail.
Read more in Thursday’s Daily Journal and on NEMS360.com.
Patsy R. Brumfield/Daily Journal