Magistrate sets bond for Stanford

A magistrate has set bond at $500,000 (€355,000) for Texas billionaire Allen Stanford but delayed his release until later today to give prosecutors time to appeal.

Stanford pleaded not guilty yesterday to charges he swindled investors out of $7bn (€5bn) as part of a massive investment scam.

Two family members and a friend agreed to pay the bond set by US Magistrate Frances Stacy, but she delayed her decision to release him until this afternoon to give prosecutors time to appeal to the judge who will hear the case.

At his bond hearing, prosecutors argued Stanford should be held without bond because he might have access to billions of pounds in secret funds.