Corrupt Investors, Allen Stanford | featured news

R. Allen Stanford, the Texas financier accused of directing a $7 billion Ponzi scheme, complained that his jail cell often lacks light and air conditioning.

For the past week, Stanford, who's in a cell in Conroe, Texas, with from eight to 10 other men, has endured heat and intermittent lack of power when outside temperatures reached 100 degrees Fahrenheit (38 Celsius) or more, his lawyer, Dick DeGuerin, said yesterday in a motion asking that his client be transferred to a downtown Houston jail.

Sir Allen Stanford faced the possibility of a long detention, after US federal prosecutors filed papers opposing any move to grant the fallen financier freedom on bail pending his trial for wide-ranging fraud charges.

Billionaire R. Allen Stanford arrived at a federal courthouse  as he faces charges of fraud and conspiracy related to allegations that he swindled investors out of $7 billion.

U.S. law enforcement officials found Texas billionaire Allen Stanford in the Fredericksburg, Virginia, area on Thursday, and served him with a complaint accusing him of an $8 billion fraud.