More than $100 million in assets held by Texan financier Allen Stanford at a number of financial institutions in London have been seized by British financial investigators.
Mr Stanford is expected to hear today (June 30th) if he can be freed on bail ahead of his trial. He was arrested in the US earlier this month for alleged money laundering, multi-billion dollar fraud and obstruction of justice.
It is thought the funds currently restricted by the UK's Serious Fraud Office were acquired as part of a suspected investment fraud scheme worth $7 billion. Mr Stanford has pleaded not guilty to involvement in the scam.
The restraining order placed on the assets was requested by the US Department of Justice.
According to the Times, Mr Stanford could face up to 375 years in prison if he is convicted. He is accused of duping up to 30,000 people by selling them certificates of deposit with high rates of return from a bank that "vastly exaggerated" its assets.
The Wall Street Journal reported that during a bail hearing yesterday, prosecutor Gregg Costa claimed Mr Stanford had both the means and incentive to flee.
However, defence attorney Dick DeGuerin said Mr Stanford poses no flight risk, as he is penniless.
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