Texas billionaire Allen Stanford arrives at the Federal courthouse in Houston, in the custody of US marshalls, June 25, 2009. -- PHOTO: REUTERS
HOUSTON - TEXAS billionaire R Allen Stanford has pleaded not guilty to charges he swindled investors out of US$7 billion (S$10.5 billion) as part of a massive investment scam.
Stanford entered his plea during his arraignment on Thursday in federal court in Houston.
The financier was indicted last week by a grand jury on charges that his international banking empire was really just a colossal Ponzi scheme.
Laura Pendergest-Holt, Gilberto Lopez and Mark Kuhrt, three Stanford Financial Group executives who were indicted along with their former boss, also entered not guilty pleas during the court hearing.
US Magistrate Judge Frances Stacy's decision on whether to grant a bond for Stanford was expected later in the day.
Stanford was arrested in Virginia on June 18. -- AP
