This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/americas/8119182.stm
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| US billionaire Stanford in court | US billionaire Stanford in court |
| (about 1 hour later) | |
| Texan billionaire Sir Allen Stanford is in court to hear if he will remain in custody until his trial on $7bn (£4.3bn) fraud charges. | Texan billionaire Sir Allen Stanford is in court to hear if he will remain in custody until his trial on $7bn (£4.3bn) fraud charges. |
| Wearing handcuffs and leg chains, he arrived at a Houston court having spent a week at a detention centre since handing himself in to FBI agents. | Wearing handcuffs and leg chains, he arrived at a Houston court having spent a week at a detention centre since handing himself in to FBI agents. |
| He has not entered a plea, but his lawyer has previously said he will fight the charges. | He has not entered a plea, but his lawyer has previously said he will fight the charges. |
| If convicted on all counts, Sir Allen could face life imprisonment. | If convicted on all counts, Sir Allen could face life imprisonment. |
| The justice department said the 50-page indictment accused Sir Allen and some of the other alleged co-conspirators of engaging in a scheme to defraud investors who purchased $7bn in certificates of deposit from Stanford International Bank, located in Antigua. | The justice department said the 50-page indictment accused Sir Allen and some of the other alleged co-conspirators of engaging in a scheme to defraud investors who purchased $7bn in certificates of deposit from Stanford International Bank, located in Antigua. |
| It said they "promised returns that were too good to be true". | It said they "promised returns that were too good to be true". |
| Numerous charges | Numerous charges |
| The charges include seven counts of wire fraud, 10 counts of mail fraud, conspiracy to obstruct an investigation for the Securities and Exchange Commission, obstruction of an investigation by the SEC and conspiracy to commit money laundering. | The charges include seven counts of wire fraud, 10 counts of mail fraud, conspiracy to obstruct an investigation for the Securities and Exchange Commission, obstruction of an investigation by the SEC and conspiracy to commit money laundering. |
| The other Stanford Financial Group executives charged are Laura Pendergest-Holt, 35, Gilberto Lopez, 66, and Mark Kuhrt, 37. | The other Stanford Financial Group executives charged are Laura Pendergest-Holt, 35, Gilberto Lopez, 66, and Mark Kuhrt, 37. |
| They are due to enter pleas during Thursday's hearing. | They are due to enter pleas during Thursday's hearing. |
| The indictment also said Sir Allen made corrupt payments to Leroy King, 63, a former head of Antigua's financial services regulatory commission, who has also been charged. | The indictment also said Sir Allen made corrupt payments to Leroy King, 63, a former head of Antigua's financial services regulatory commission, who has also been charged. |
| He was taken into custody on Thursday, pending an extradition request from the US, Antigua officials told Reuters news agency. | |
| Stanford employee Bruce Perraud, 42, has been charged with destruction of records. | Stanford employee Bruce Perraud, 42, has been charged with destruction of records. |
| A separate indictment charged Stanford executive James M Davis, 60, with fraud and obstruction. | A separate indictment charged Stanford executive James M Davis, 60, with fraud and obstruction. |