Accused swindler Allen Stanford must stay in jail until his fraud trial, a federal appeals court in New Orleans said on Monday.

Stanford has been in federal custody since his arrest in Virginia last June 18 on charges of leading a $7 billion fraud involving certificates of deposit issued by his Antigua bank.

He is a flight risk and should remain in custody, US District Judge David Hittner in Houston ruled last June. That ruling was upheld by the US Court of Appeals for the Fifth Circuit.

Robert Luskin, a Washington attorney who filed the appeal on Stanford’s behalf, said, “We’re disappointed with the decision. Allen Stanford deserves to be released and needs to be released in order to effectively assist in his own defense.”

US prosecutors had argued that Stanford, 59, had the means and motive to flee because he faces life in prison if convicted on all charges in a 21-count indictment.

The criminal case is filed in federal court in Houston, 4:09-cr-00342 USA v. Stanford et al.

(via Reuters)