74-year-old Leroy King, accused of his alleged role in connection with the Stanford International Bank (SIB) $7 billion investment fraud scheme, appeared before a Detention Hearing last week and the court determined that he should remain in custody (no bail) until his trial in Texas, USA.
On December 4th, the United States District Court for the Southern District of Texas held a hearing to determine whether King should be granted bail under its Bail Reform Act of 1984.
The ruling was done by United States (US) Magistrate Judge, Dena Palermo.
King is facing charges against him on 21 counts of conspiracy to commit mail, wire and securities fraud, between 2002 and 2008, in violation of the US law. He could serve 175 years in prison if he is found guilty.
Mark Carter, King’s legal representative, called King’s daughter Lorian King, his ex-wife Lisonyi John Diaz, and two friends, Kimberly Paul and Richard Allen as witnesses to support King’s defense.
They all testified that “the defendant was a peaceful person, religious and would follow conditions of his release”. King, Diaz and Paul, the court document said “were willing to be a surety on a bond”.