A bid by Texas financier Allen Stanford to be released from jail pending trial was rejected by a U.S. appeals court in New Orleans.

The court ruled that Mr Stanford's lawyers presented "no new circumstances" in their second effort to win his release, Reuters reported yesterday.

Mr Stanford, who is facing civil and criminal charges related to an alleged $7 billion Ponzi scheme, is considering an appeal to the US Supreme Court, his attorney told Reuters.

The former head of  Houston-based Stanford Financial is alleged by prosecutors to have sold fraudulent certificates of deposit issued by his offshore bank in Antigua, and used those proceeds to bankroll a lavish lifestyle that included private jets, a yacht and luxury homes.

Mr Stanford’s trial is set for January 2011.