LINKEDINCOMMENTMORE

HOUSTON - A judge says Texas billionaire R. Allen Stanford may be freed on bond.

Stanford pleaded not guilty Thursday to charges he swindled investors out of $7 billion as part of a massive investment scam.

Two family members and a friend have agreed to pay $500,000 if Stanford fails to make any court appearances. The agreement also calls for them to leave a $100,000 cash deposit. Stanford also will be required to participate in a GPS location monitoring program.

Stanford entered his plea during his arraignment in federal court. The financier was indicted on charges that his international banking empire was really just a colossal Ponzi scheme.

At his bond hearing, prosecutors argued Stanford should be held without bond because he might have access to billions of dollars in secret funds.

Read or Share this story: http://www.wfaa.com/story/news/local/2014/08/07/13522346/