Allen Stanford Hospitalized (Update)

Alleged pyramid schemer Allen Stanford is hospitalized in Texas.
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Updated with further details

HOUSTON (

TheStreet

) -- Disgraced financier Allen Stanford has been hospitalized, media reports say.

Stanford, accused of selling fraudulent certificates of deposit to investors in a reported $7 billion pyramid scheme, was hospitalized in Texas because of an irregular heartbeat and high pulse.

A federal court hearing was set for earlier today in Houston, where Stanford was to make an appearance and discuss changing counsel. Because all of Stanford's assets are tied up in receivership, Stanford's current attorney, Dick DeGuerin, has requested that he be allowed to leave the case, since there are no guarantees the high profile lawyer will be paid.

Before the hearing could begin, Stanford was taken to the Conroe Regional Medical Center just outside of Houston.

This week, a federal appeals court ruled that Stanford, once ranked as one of the richest men on the planet, is to remain in prison until his trial date, upholding a district court decision and reversing an earlier conclusion from a magistrate judge.

-- Written by Sung Moss in New York

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