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Allen Stanford detention hearing set for tomorrow

ALLEN Stanford, the Texas financier accused of a US$7 billion fraud, is due to appear at a detention hearing in Houston on on Thursday, a spokeswoman for the US Attorney's office in Houston said yesterday.

Stanford is due in US District Court at 1000 CDT, she said.

Stanford and five other executives were charged last week on 21 counts of fraud, conspiracy and obstruction charges.

Federal prosecutors have accused him of running a massive scheme involving certificates of deposit (CDs) issued by his offshore bank in Antigua.

Stanford, 59, was arrested at his girlfriend's home in Virginia tomorrow.

The billionaire has been in federal custody while making the trip back to Houston where the criminal charges were filed. A judge will decide if he should be released at the hearing.

Stanford has repeatedly denied any wrongdoing.

Laura Pendergest-Holt, the company's former chief investment officer and two of the firm's accountants are also due in court on Thursday, court records show.

The US government has accused Stanford and the others of running a massive Ponzi scheme where investors in CDs sold by Stanford International Bank in Antigua were paid with funds from more recent investors.

Stanford could face life in prison if all convicted on counts in the indictment.


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