Stanford denied bail

HOUSTON, June 30 (UPI) -- Accused investment fraudster R. Allen Stanford was denied bail Tuesday by a federal judge in Houston.

Dick DeGuerin, Stanford's lawyer, said he and his client were "very disappointed" after Senior U.S. District Judge David Hittner yanked a magistrate's order last week granting Stanford's release on $500,000 bail, the Houston Chronicle reported. DeGuerin said he would appeal.

Stanford, 59, is charged with 21 counts of conspiracy, fraud, bribery and obstruction of justice for his alleged role in bilking investors out of $7 billion. Five others also charged in the case are free on bond but prosecutors contend Stanford should not be free until his trial because he is a flight risk.