A U.S. magistrate judge ordered Texas billionaire Allen Stanford held on Friday for a detention hearing on fraud and obstruction charges stemming from a $7 billion pyramid scheme to bilk investors.

Judge Hannah Lauck called a brief recess in a Virginia court appearance so Stanford's lawyers could decide whether they prefer the detention hearing be held in Houston or Virginia.

Stanford's attorneys said the flamboyant Texas financier was not a flight risk, but Lauck said: I do think there's sufficient evidence here to warrant a detention hearing.