Judge orders Stanford be kept in jail

US District Judge David Hittner issued an order overturning a magistrate judge’s decision last week to allow Stanford to be free on $500,000 bond but be under GPS monitoring and home detention. Stanford has been in custody since being indicted and arrested June 18.

“The court determines that Stanford is a serious flight risk and there is no condition or combination of conditions of pretrial release that will reasonably assure his appearance as required for trial,’’ Hittner wrote in his 13-page order.

Stanford’s attorney, Dick DeGuerin, said he was disappointed with the decision and would appeal it to the 5th US Circuit Court of Appeals in New Orleans.

A Justice Department spokesman did not immediately return a call seeking comment yesterday.

In his order, Hittner said the arguments made by prosecutors during a four-hour hearing Monday weigh in favor of detention.

Prosecutors, who appealed last week’s decision to grant Stanford a bond, told Hittner the financier is a serious flight risk because of his international ties - including holding dual US and Antiguan citizenship, having an international network of wealthy acquaintances and possibly having access to vast wealth hidden around the world.

Prosecutor Gregg Costa argued these international ties differentiate him from other high-profile fraud defendants, including former Enron Corp. executives Jeffrey Skilling and Kenneth Lay, who were freed on bond before their trials.

Stanford and three executives of his now defunct Houston-based Stanford Financial Group are accused of orchestrating a massive Ponzi scheme.