HOUSTON (Reuters) –
A federal judge on Tuesday 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.

"In total, the evidence proffered by the government is sufficient to weigh in favor of detention," U.S. District Judge David Hittner said in an order that revokes a $500,000 bond that a magistrate had granted Stanford on Thursday.

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

Stanford, who is more accustomed to jetting around the globe in his private planes, has been in custody since his arrest on June 18 in Virginia. He is currently being held in a federal detention center in a facility 40 miles north of Houston.

The government accuses the billionaire of leading a massive Ponzi scheme using the investor funds from certificates of deposit issued by his bank in Antigua.

Stanford sought to avoid detection by creating false accounting records, lying to investors and bribing a regulatory official in Antigua, according to prosecutors.

The case, filed in federal court in Houston, is United States of America v. Robert Allen Stanford H-09-342.

(Additional reporting by Bruce Nichols and Erwin Seba in Houston; editing by Carol Bishopric)