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Texan billionaire and cricket promoter Sir Allen Stanford WASHINGTON — Brash Texas billionaire R. Allen Stanford has been jailed on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery. He is a flight risk and wouldn't you be as there is $1b in funds missing???

The Justice Department announced Friday charges against Stanford and six others who allegedly helped the tycoon run a $7 billion swindle. At a court hearing in Richmond, Va., a federal judge agreed with prosecutors that Stanford poses a flight risk and ordered him to remain in custody until a future detention hearing in Houston.Among those charged were executives of Stanford Financial Group and a former Antiguan bank regulator who prosecutors say should have caught the fraud but instead took bribes to let the scheme continue.Robert Khuzami, the enforcement director for the Securities and Exchange Commission, said investigators have built "an impressive criminal case from the rubble of this massive fraud."If convicted of all charges in the 21-count indictment, Stanford could face as much as 250 years in prison, officials said.Dick DeGuerin, Stanford's lawyer, said in a written statement that Stanford was "confident that a fair jury will find him not guilty of any criminal wrongdoing."

The indictment unsealed Friday in Houston charged Stanford and other executives at his firm falsely claimed to have grown $1.2 billion in assets in 2001 to roughly $8.5 billion by the end of 2008. The operation had roughly 30,000 investors, officials said.

Investigators say that even as Stanford claimed healthy returns for those investors, he was secretly diverting more than $1.6 billion in personal loans to himself.

Stanford, 59, has been working since February to challenge what his attorney called "the false accusations against him." DeGuerin said that rather than resulting from fraud or a Ponzi scheme, "the present insolvency of the Stanford Companies was caused by the SEC's heavy-handed actions, which have destroyed and continue to destroy much of the value" of the companies and their investors.A group of cheated Stanford investors said in a statement that their losses "are devastating, as senior citizens are losing their homes, going without medical care, and becoming a burden on their children and families."

Stanford surrendered to the FBI Thursday and appeared in federal court in Richmond, Va., Friday afternoon, where authorities convinced Magistrate Judge Hannah Lauck to keep him behind bars for the time being.Prosecutor Steven Tyrrell said at the hearing that more than $1 billion from Stanford's alleged scheme remains unaccounted for, and if anyone has access to it, it's Stanford.The others indicted in the case were Stanford executives Laura Pendergest-Holt, Gilberto Lopez and Mark Kuhrt.

A separate indictment unsealed in Florida accused a fourth Stanford worker, Bruce Perraud, of destroying records important to the investigation.Prosecutors charged Leroy King, the former chief executive officer of Antigua's Financial Services Regulatory Commission, with conspiracy to obstruct an SEC investigation.

In February, King told reporters the commission properly scrutinized Stanford's business.Prosecutors allege King accepted more than $100,000 in bribes to help Stanford continue his fraud.At his zenith, Stanford was a larger-than-life figure in Antigua. His enterprises there include a newspaper, two restaurants, a development company and the ornately landscaped Stanford cricket grounds, where he shook up the staid world of professional cricket last year by bankrolling the purse in a $20 million winner-take-all match.

Newly filed SEC documents accuse Stanford and his finance chief, James M. Davis, of conducting a massive Ponzi scheme" in which early investors were paid returns from money put in by later investors. Davis has been cooperating with federal investigators. Jeff Tillotson, who represents Pendergest-Holt, chief investment officer of Stanford's parent company, told The Associated Press, "We obviously deny that our client has committed any crime." He has said she was "set up" by Stanford.

Court papers charge Stanford and top executives orchestrated the massive fraud by advising clients to buy certificates of deposit from the Antigua-based Stanford International Bank. Stanford and the other executives were charged with wire fraud, mail fraud, and conspiracy to commit securities fraud. Stanford was also charged with conspiring to obstruct an SEC proceeding.While Stanford is less well-known than the infamous swindler Bernard Madoff, authorities say both men's businesses were based on the same type of scam _ faking investment returns while attracting new investors to keep the operation afloat.

"This case is a typical Ponzi scheme, robbing Peter to pay Paul," said Gregory Campbell of the U.S. Postal Inspection Service.Authorities say they are investigating 100 other possible Ponzi schemes, although none on the scale of the Stanford or Madoff cases.

Associated Press writers Marcy Gordon in Washington, Larry O'Dell and Zinie Chen Sampson in Richmond, Va., and Linda Franklin and Regina L. Burns in Dallas contributed to this report.

Texas financier R. Allen Stanford wants to be moved from a private prison because he has been without air conditioning and shares a cell with up to 10 other inmates.Stanford is jailed & held at Joe Corley Detention Facility since being arrested and brought to Texas from Virginia last month.Stanford's attorney Dick DeGuerin says in court filings that conditions are "intolerable."He says Stanford's cell was without power for part of last week and didn't have air conditioning for at least a week.The facility is run by Boca Raton, Florida-based GEO Group.Spokesman Pablo Paez declined to comment on the prison's conditions.The Houston Chronicle reports DeGuerin is requesting that Stanford be moved to the Federal Detention Center in downtown Houston. - AP

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Its wake up time America. These bailouts are not helping the American people just Companies who have reaped millions in rewards and done nothing to change their strategies over the years. None of them deserve bailouts and the US government cannot run these joints??? so the underlying question is how much of thise bail out money will be spent on themselves---- most of it so watch.

BANKRUPTCY UNDER CHAPTERS 7 & 11

Chapter 11 of the Bankruptcy Code means to "reorganize" the company and try to become profitable. Management continues to run the day-to-day business operations but business decisions must be approved by a bankruptcy court.

Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors.

The investors who take the least risk are paid first. eg secured creditors take less risk because the credit that they extend is usually backed by collateral, like a mortgage or other company assets. They know they will get paid first if the company declares bankruptcy.

Bondholders have a greater potential for recovering their losses than stockholders, because bonds represent the debt of the company and the company has agreed to pay bondholders interest and to return their principal. Stockholders own the company, and take greater risk. They could make more money if the company does well, but they could lose money if the company does poorly. The owners are last in line to be repaid if the company fails. Bankruptcy laws determine the order of payment.