BUSINESS
03/14/2011 04:55 pm ET | Updated May 25, 2011

Allen Stanford, Accused Ponzi Schemer, Denied Bail

NEW YORK: Allen Stanford, the financier accused of running a $7 billion Ponzi scheme, has been denied bail by a federal appeals court.

Monday's ruling by the 5th U.S. Circuit Court of Appeals in New Orleans is the fourth time that Stanford has been denied bail.

Stanford was moved last month to a prison hospital from jail so he could be treated for an addiction to medication to treat anxiety.

(Reporting by Jonathan Stempel in New York; Editing by Bernard Orr)

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