Billionaire Stanford Returned To Texas

Billionaire R. Allen Stanford is back in Texas to face federal charges that he ran a $7 billion scheme to defraud investors with his international banking empire.

Dick DeGuerin, Stanford's attorney, says his client arrived in Houston on Tuesday and is being held in the Montgomery County Jail in nearby Conroe. Stanford was transferred by U.S. Marshals from Virginia, where he was arrested last week after being indicted in Houston on charges that his banking empire was really just a massive Ponzi scheme.

DeGuerin says Stanford is scheduled to make his first court appearance in Houston federal court at 11 a.m. EDT Thursday.

Three executives of Stanford Financial Group and a former bank regulator from Antigua also were indicted in Houston.