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| US judge overturns Stanford bail | US judge overturns Stanford bail |
| (20 minutes later) | |
| A US judge has ruled that Texan billionaire Sir Allen Stanford should remain in jail until his fraud trial. | A US judge has ruled that Texan billionaire Sir Allen Stanford should remain in jail until his fraud trial. |
| The judge overturned a decision to allow the financier to leave jail on a $500,000 (£305,000) bail. | The judge overturned a decision to allow the financier to leave jail on a $500,000 (£305,000) bail. |
| Prosecutors argued he was a flight risk, saying Sir Allen's network of wealthy friends and dual citizenship could enable him to leave the US. | Prosecutors argued he was a flight risk, saying Sir Allen's network of wealthy friends and dual citizenship could enable him to leave the US. |
| The financier is facing trial over allegations he ran a $7bn ($4.2bn) scheme to swindle investors. | The financier is facing trial over allegations he ran a $7bn ($4.2bn) scheme to swindle investors. |
| Mr Stanford's lawyers said they were disappointed with the decision and would appeal against the ruling. | Mr Stanford's lawyers said they were disappointed with the decision and would appeal against the ruling. |
| US District Judge David Hittner revoked the bail order granted last week, which would have seen Sir Allen freed before his trial. Sir Allen remained in jail while the the government appealed the earlier decision. | |
| The judge said the case presented by government prosecutors convinced him Sir Allen could potentially make efforts to leave the US in advance of his trial. | |
| "In total, the evidence proffered by the government is sufficient to weigh in favour of detention," he said. | |
| Earlier, the Serious Fraud Office (SFO) in London froze $100m (£60m) of assets in London in connection with the case. | |
| These funds were allegedly acquired in connection with Sir Allen's suspected fraud scheme, the SFO said. | |
| The assets were frozen in April, but kept secret until after his arrest. | |
| Sir Allen Stanford surrendered to FBI officers earlier this month and was taken into custody. | |
| He appeared in court a week later where he pleaded not guilty to fraud, conspiracy and obstruction. | |
| The 59-year old faces spending the rest of his life in jail if found guilty on all charges. |