HOUSTON, (Reuters) – A federal judge yesterday  ordered Texas financier Allen Stanford, accused of a $7 billion  fraud, held without bail until trial.

U.S. prosecutors had argued that Stanford, who faces life  in prison if convicted on all charges contained in a 21-count  indictment, had the means and motive to flee.

“The court determines that Stanford is a serious flight  risk and there is no condition or combination of conditions or  pretrial release that would reasonably assure his appearance,”  U.S. District Judge David Hittner said in an order that revokes  a $500,000 bond that a magistrate had granted Stanford on  Thursday.

Stanford, who spent the last 15 years living in the  Caribbean where he was knighted by the Antiguan government, had  a network of wealthy associates and had at least two passports,  prosecutors told Hittner at hearing on Monday.

“We are very disappointed and we are going to appeal to the  5th Circuit,” Dick DeGuerin, Stanford’s lawyer said in a  statement.