An associate of convicted former Texas tycoon R. Allen Stanford is being held in the Central American nation of Belize without bail because he is considered a flight risk.

Suspect David Nanes Schnitzer was arrested last week when he was caught with allegedly false documents in Belize.

Mexican authorities said on Friday that Nanes Schnitzer headed the Mexican arm of Stanford's massive Ponzi scheme, which allegedly defrauded investors in Mexico of $706 million.

Mexico says it is pursuing the deportation or extradition of Nanes Schnitzer to face a 2011 arrest warrant for unauthorized securities transactions.

Stanford was sentenced in the United States to 110 years in prison after being convicted of bilking investors in a $7.2 billion sale of fraudulent certificates of deposits from the Stanford International Bank.