A federal magistrate set bail on Thursday at US$500,000 for Allen Stanford, the Texas billionaire accused of masterminding a US$7 billion fraud against 30,000 investors, but prosecutors said they would appeal the decision.
Stanford, wearing an orange jumpsuit, entered his plea of not guilty before US Magistrate Frances Stacy in a Houston courtroom.
As a condition of his bail, Stanford must live with his girlfriend, Andrea Stoelker, and wear an electronic tracking device. He will remain in a Texas jail until he puts down US$100,000 in cash. A prosecutor, Paul Pelletier, argued that Stanford was a flight risk and should be held until his trial.
Prosecutors tried to outline the firm’s pattern of deception with the testimony of Jeffrey Ferguson, an examiner working with court-appointed receivers. Ferguson, in explaining how the firm had operated, said all but US$1.18 billion of the US$7 billion had not been accounted for.
Stanford rocked slightly as he watched the proceedings — at one time whispering in the ear to one of his lawyers representing him.
Pelletier told the judge that a secret Swiss bank account that Stanford maintained had been drained of more than US$100 million, a claim that drew an objection from his lawyer, Dick DeGuerin.
In addition to Stanford, three other executives of the Stanford Financial Group, Laura Pendergest-Holt, Gilberto Lopez and Mark Kuhrt, entered not guilty pleas on Thursday.
All were released on bail.
In an indictment unsealed last week, Stanford was accused of defrauding about 30,000 investors of US$7 billion with the help of the bank’s top lieutenants and with Antiguan regulator, Leroy King.
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