Texas billionaire R. Allen Stanford, awaiting his trial for fraud charges, has filed a request to be transferred from the Joe Corley Detention Facility, citing its “oppressive” conditions.
According to the motion filed by Stanford’s defense attorney, Stanford says the facility has no air conditioning, is often without power, and that he shares a windowless cell with up to 10 other inmates, according to a KHOU news story.
Stanford is requesting to be transferred to the Federal Detention Center in downtown Houston, in order to have better access to his defense attorney in preparation for his trial. Corley Detention Facility, located in Conroe, Texas, about 40 miles north of Houston, does not allow visitors to use electronic devices, which his lawyer needs to share evidence.
Stanford was arrested June 18 on multiple fraud counts stemming from his Stanford Financial Group. Federal authorities allege that Stanford defrauded investors of up to $8 billion by inflating the profits of the company.
Upon his arrest, Stanford, who has dual citizenship in the U.S. and Antigua and Barbuda — where he is a Knight Commander — was forced to submit his passport, KHOU reported.
He was originally granted a $500,000 bond, District Judge David Hittner later revoked it, calling Stanford a serious flight risk. This decision is currently being appealed.
Stanford drew the suspicion of the FBI, SEC, and other financial regulatory groups in late 2008, when a letter to investors quoted a loss of just 1.3% — at a time similar institutions were seeing losses of 50% or more.
One former partner alleged Stanford presented purely hypothetical gains as real data to investors, in order to increase investor contributions, according to Bloomberg news.
Stanford has retained defense attorney Dick DeGuerin, famous for defending Oliver North in the criminal case following the Iran-Contra scandal.