Money Matters, Simplified.
Stanford wins bail, still jailed
by Jaspreet Virk - June 26, 2009 - comments
If Stanford is released on bail, he will be fitted with a GPS device to keep a check on his moves
New York, June 26: R. Allen Stanford, indicted for $7 billion Ponzi scheme pleaded not guilty before U.S. Magistrate Judge Frances Stacy in Houston and may be released on bail.
The bail amounts to $500,000 and Stanford is required to pay $100,000 in cash.
Stanford will remain in custody for a day, as the judge has stayed the orders to grant bail by 4:30 p.m. today.
Stanford’s lawyer, Dick DeGuerin, said that his client will remain in custody for a day as it would take time to gather cash, which the judge said should be contributed by friends and family and not withdrawn from Stanford’s fund.
“I think he’ll be very motivated not to flee if he raises the money from friends and relatives,” Stacy told lawyers.
Financers for Stanford
The magistrate judge demanded Stanford to have three co-signers on his bond: his father and two wealthy friends.
Golfer Vijay Singh, who wore Stanford Financial symbol at U.S. Open, had agreed to be one of the co-signers for the bond leading to Stanford’s release on bail.
Conditions of the bail
If Stanford is released on bail, he will be fitted with a GPS device, to keep a check his moves.
He will be confined to his apartment in Houston, which he had rented with his girlfriend. The confinement excludes churches, appointments with doctors and lawyers and court appearances.