Billionaire Stanford To Appear In Texas Court

Indicted Texas financier Allen Stanford is scheduled to be arraigned Thursday in Houston on charges he cheated investors out of $7 billion. Stanford previously has said he is not guilty of running a Ponzi scheme.

RENEE MONTAGNE, host:

NPR's business news starts with another billionaire in court.

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MONTAGNE: Allen Stanford once presided over a small banking empire in the Caribbean. Today he's in leg chains and handcuffs in a federal court in Houston today. The Texas financier faces charges of fraud and conspiracy. Authorities say his banking operation was really a Ponzi scheme that swindled investors out of billions of dollars. Stanford is expected to deny the charges.

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