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U.S. markets recover from steep losses
HOUSTON, June 25 (UPI) -- Texas businessman R. Allen Stanford pleaded not guilty to fraud charges in Houston Thursday in a case defined by a potential loss of $7 billion.
The one-time billionaire arrived for his packed courthouse appearance before Federal Magistrate Frances Stacy in handcuffs and shackles, wearing a short-sleeved, prison-issue orange jump suit.
The judge could rule Thursday on a bond agreement that would set Stanford free until his trial, The New York Times reported.
Stanford is accused of running a Ponzi scheme that revolved around promises of unrealistically high rates of returns for investors.
Stanford Financial Group executives Laura Pendergest-Holt, Gilberto Lopez and Mark Kuhrt also entered not guilty pleas, the newspaper said.
The Times said Leroy King, a financial regulator from Antigua, had surrendered to authorities.
King is accused of accepting payment to overlook irregularities in the Stanford Financial Group's operations.
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