Allen Stanford will remain in jail after a federal judge on Thursday denied a request to reconsider the Texas financier's detention.

Stanford, who faces criminal fraud charges, was initially granted bail by a magistrate judge, but federal prosecutors successfully argued before U.S. District Judge David Hittner that the billionaire was a serious flight risk who would not stick around to face trial.

Having considered the motion and the applicable law, the court determines that the motion should be denied, Hittner wrote in an order filed in federal court in Houston.

Stanford's lawyer, Dick DeGuerin, had asked Hittner to reopen or reconsider the matter.

Given the new evidence presented in our motion to reconsider, I'm surprised and disappointed that it was overruled without a hearing, DeGuerin said. We will appeal to the U.S. Court of Appeals in New Orleans.

Stanford, who faces criminal and civil charges related to a $7 billion scheme centered around his offshore bank in Antigua, has been in federal custody since his arrest on June 18. (Reporting by Anna Driver in Houston; Editing by Phil Berlowitz)