Stanford's attorneys appeal no bond decision while awaiting fraud charges

HOUSTON -- Attorneys for Texas financier R. Allen Stanford have appealed a federal judge's decision to deny him bond while awaiting trial on charges that he swindled investors out of $7 billion.

Stanford's attorneys on Monday filed an appeal with the 5th U.S. Circuit Court of Appeals in New Orleans. They asked the court to overturn an order by U.S. District Judge David Hittner that revoked his $500,000 bond after the judge concluded the financier was a serious flight risk.

Stanford's appeal says Hittner made his decision based on misleading and inaccurate statements from prosecutors. Stanford holds dual citizenship with the U.S. and Antigua and prosecutors say he has access to millions of dollars.

Stanford and four executives of his now defunct Houston-based Stanford Financial Group are accused of orchestrating a massive Ponzi scheme.