Washington, D.C. Brash Texas billionaire R. Allen Stanford was indicted and jailed Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery.
The Justice Department announced charges against Stanford and six others who allegedly helped the tycoon run a $7 billion swindle. At a court hearing in Richmond, Va., a federal judge agreed with prosecutors that Stanford poses a flight risk and ordered him to remain in custody until a future detention hearing in Houston.
If convicted of all charges in the 21-count indictment, Stanford could face as much as 250 years in prison, officials said.