Stanford Pleads Not Guilty in $7B Ponzi Scheme

Prosecutors call financier flight risk, ask he be held without bail
By A Ali,  Newser Staff
Posted Jun 25, 2009 12:01 PM CDT
Stanford Pleads Not Guilty in $7B Ponzi Scheme
A judge will decide whether Stanford may go free on bail.   (AP Photo/Lefteris Pitarakis, File)

Financier Robert Allen Stanford and three former associates pleaded not guilty today to federal charges they operated a $7 billion Ponzi scheme out of Antigua, the Houston Chronicle reports. Prosecutors asked the judge not to release Stanford, 59, on bail, saying his wealth, international connections and prospect of a long sentence make him a flight risk.
(Read more Robert Allen Stanford stories.)

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