A judge in Virginia has ordered indicted billionaire R. Allen Stanford to return to his home state of Texas.
Magistrate Hannah Lauck (Lock) agreed with prosecutors during a hearing Friday in Richmond, Va., that Stanford poses a flight risk and ordered a detention hearing. Stanford will remain in custody until that hearing can be held in Houston.
Prosecutors say Stanford's international banking empire was really just a Ponzi scheme built on lies and bribery to swindle investors out of $7 billion.
Stanford's lawyer, Christina Sarchio opposed the detention hearing. She says Stanford is not a flight risk and is essentially broke because the government has frozen his assets.
Steven Tyrrell of the Justice Department says more than $1 billion from Stanford's alleged scheme remains unaccounted for. Tyrrell says if anyone has access to it, it's Stanford.
TVR's Sam Brock was outside the courtroom...
You're sitting there going: "Why Is This Story Here...?"
Well, we'll tell you...
He was a main sponsor for the PGA Tour event in Memphis. Because his money was no longer around, the purse had to be cut by $500,000.
February 26: Some professional baseball players are short on cash because the government froze accounts in the businesses of Texas financier R. Allen Stanford.
The Yankees' Johnny Damon and Xavier Nady; former Yankee Bernie Williams; the Mets' Mike Pelfrey; Boston's Jacoby Ellsbury; Seattle's Adrian Beltre; Tampa Bay's Carlos Pena; and Philadelphia's Scott Eyre are among those who say they've had accounts frozen.
Philadelphia advanced Eyre an undisclosed amount of his $2 million salary. Eyre said his only other bank account has a $3,000 balance.
February 19: The men's professional tennis tour had been using the Stanford Financial Group as an investment advisor and now is examining its sponsorship deal with the company
Henry Abbott's "True Hoop" blog goes into a little more detail...