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OLDWICK, N.J.--(Business Wire)--A.M Best Co. Magistrate Judge Frances Stacy last week said thatStanford, who faces criminal charges for a $7 billion Ponzischeme, may leave federal custody, provided he comes up with a$500,0000 bond -- including $100,000 in cash -- and lives withhis girlfriend in a Houston high-rise apartment But Stanford remains in custody after the U.S. JusticeDepartment opposed bail of any sort and sought to keep him injail until his trial, now set for August. Stanford, 59, faceslife in prison if convicted of all 21 criminal charges Now U.S. District Judge David Hittner, who will presideover the upcoming criminal trial, must decide whether Stanfordcan walk free until his trial begins.

At a hearing on Monday, Hittner said he would decide on thegovernment's motion to revoke Stanford's bond on Tuesdayafternoon at the earliest. Judge Hittner also raised the possibility that the losingside in the the bond arguments might appeal his decision to the5th Circuit Court of Appeals in New Orleans. If his decision is appealed, it would be judged by thehigher court as an "abuse of discretion issue," Judge Hittnertold the court. Both Dick DeGuerin, Stanford's lawyer, and Paul Pelletier,a federal prosecutor on the case, declined to comment on thepossibility of an appeal. SUITED UP Stanford was brought to Houston federal court for the thirdtime early on Monday, dressed in a dark suit but stillshackled, after spending the weekend in the Montgomery CountyJail in Conroe, Texas, about 40 miles north of Houston.

The once high-flying billionaire and sports promoter hasbeen in federal custody since June 18, when he was taken intocustody by the FBI in Virginia after a Houston grand juryindicted him on charges of conspiracy, fraud and obstruction ofjustice. The government argued that Stanford was a flight risk andwould likely flee the country rather than face jail for therest of his life. "The only way to reasonably assure the thousands of victimswho lost billions of dollars that they will get their day incourt is to detain Mr Stanford," said Gregg Costa, anassistant U.S attorney. Costa painted Stanford as a callous jet-setter who had noqualms about wrongly taking the retirement and college funds ofhis investors. Instead, Stanford would spend the money to payhis monthly $100,000 American Express bill and fund his lavishlifestyle. Prosecutors said that about $1 billion in investor depositsis still missing, which Stanford could possibly tap to fund aquick getaway. Stanford's lawyer argued that the former chairman and soleshareholder of Stanford International Bank Ltd has deep rootsin Texas and created thousands of jobs in the United States andAntigua with his many companies.

Stanford has demonstrated his willingness to answer thegovernment's charges by offering to surrender three times, thelawyer said "We wanted to show a track record of Mr. Stanfordwanting to fight these charges," DeGuerin told the judge. The courtroom was filled with Stanford's supporters,including his girlfriend, his estranged wife and at least fourof his six children. After the hearing, DeGuerin told reporters that he thoughtthe hearing went well and he expected a fair decision fromHittner. Still, he said that the government's request for "anextremely high bond is just not fair" given the fact that thegovernment had seized all of his clients' assets According to the U.S. Securities and Exchange Commission,Stanford, with the help of executives at his firm and a topAntigua and Barbuda financial regulator, ran a "massive Ponzischeme" for over a decade that centered on certificates ofdeposit in his bank in Antigua.

Stanford says that he is innocent of the charges and thathis multinational business was legitimate until the SEC"disemboweled" it by filing civil charges, which led to theconfiscation of all his assets by a court-appointed receiver. (Reporting by Anna Driver and Eileen O'Grady; Writing by ChrisBaltimore; Editing by Gerald E. McCormick, Gary Hill) Bonds Funds News ETFs News France. TEGUCIGALPA (Reuters) - Honduras was rocked by its worst political crisis in decades and internationally isolated after the army ousted leftist President Manuel Zelaya and former Congress head Roberto Micheletti was named interim president. World  |  BrazilSunday's dawn ouster came after Zelaya angered the courts, Congress and the military with his push to extend presidential terms.Following are possible scenarios on what could develop:MICHELETTI STAYS IN POWER UNTIL AFTER NOV.