U.S. judge orders Stanford held for detention hearing
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.
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