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Cricket entrepreneur and billionaire businessman Sir Allen Stanford must remain behind bars before his multi-billion dollar fraud trial, a judge ruled.

At a courthouse in Houston, Texas, Judge David Hittner revoked bail for the tycoon after prosecutors argued that he was a flight risk due to his extensive links overseas.

The 59-year-old is charged with masterminding a ponzi scheme that allegedly scammed investors out of seven billion dollars (£4.2 billion).

The Judge's ruling overturns a decision last week to allow Stanford to be freed on a 500,000 dollar (£304,000) bond.

On Monday, during four hours of argument, prosecutors told the court that his international ties meant Stanford might have the means to flee the country.

They noted his dual US and Antiguan citizenship and network of wealthy friends overseas. They also claimed that he might have access to vast sums of hidden money around the world.

But Stanford's lawyer Dick DeGuerin told the judge his client, who had an estimated fortune of around two billion dollars (£1.2 billion), was now penniless after his assets were seized.

He added that the tycoon wanted to fight the charges against him and attempted to hand himself in on a number of occasions before his indictment to show that he didn't want to flee the country.

It is not yet known if Stanford will appeal against the judge's ruling.

Last week, Stanford pleaded not guilty to charges that he masterminded a massive ponzi scheme.

Three other executives at Stanford Financial Group - Laura Pendergest-Holt, Gilberto Lopez and Mark Kuhrt have also been charged over the alleged fraud. All have denied the charges.

Stanford already faces civil charges brought by US regulators over an allegedly fraudulent eight billion dollar (£4.8 billion) certificate of deposit scheme and a separate 1.2 billion dollar (£700 million) investment vehicle.

According to the criminal indictment, Stanford and his co-defendants masterminded a scam in which investors were sold around seven billion dollars (£4.2 billion) worth of so-called certificates of deposits (CDs) after being lured by promises of high returns.

CDs are fixed-term investment products which are supposed to be virtually risk-free.

It is alleged that Stanford misrepresented to investors that their money was safe, falsely claiming that funds were being re-invested in liquid financial instruments and monitored by a team of 20-plus analysts.

Instead, Stanford and his co-accused misused and misappropriated the funds, it is claimed.

The US Department of Justice alleges that 1.6 billion dollars (£1 billion) were diverted to Stanford himself through undisclosed personal loans.

The defendants are also charged with conspiracy to commit mail, wire and securities fraud.

If convicted of all of the 21 counts on the charge sheet, Stanford could face a sentence of up to 250 years in prison, officials have said.