Stanford to remain in jail for now

HOUSTON, June 26 (UPI) -- A federal judge in Houston delayed accused financier R. Allen Stanford's release Friday to give prosecutors a chance to argue he is a flight risk.

U.S. District Judge David Hittner scheduled a hearing Monday morning, the Houston Chronicle reported. A federal magistrate set bail at $500,000 Thursday.

"The stay is appropriate because there is a strong likelihood that the extraordinary flight risk indicators in this case will lead this court to order Stanford's detention or, at a minimum, set a substantially higher bond," prosecutors said in a motion.

Stanford surrendered to the FBI last week when agents showed up at his girlfriend's house in Virginia. The founder of Stanford Financial Group is charged with cheating investors of $7 billion in certificates of deposit in an off-shore bank in Antigua.

Prosecutors said that Stanford holds an Antiguan passport and may have access to large amounts of money available.