"Flight risk" cricket mogul Stanford ordered to await trial in jail

Subscribe to Oneindia News

London, Aug. 25 (ANI): A US court has ruled that cricket mogul Sir Allen Stanford must stay in jail until his trial on fraud charges on Tuesday.he 5th US Circuit Court of Appeals in New Orleans upheld a lower-court ruling that revoked Stanford's bond on the grounds that he is a "flight risk", the Daily Express reports.

The judges noted that Stanford "has the means, the motive, and the money to flee".

Stanford's attorneys had argued that the 59-year-old was not a flight risk, citing his family ties in Houston.

Stanford and four executives of his now defunct Stanford Financial Group are accused in a criminal indictment in Houston of orchestrating a massive Ponzi scheme.

According to investigators, Stanford secretly diverted more than 1.6 billion dollars in investor funds to himself as personal loans. (ANI)

Please Wait while comments are loading...