Stanford CFO to plead guilty
Houston Business Journal
Stanford Financial Group’s chief financial officer, James Davis, will plead guilty to three criminal counts for his part in an alleged $7 billion Ponzi scheme, according to news reports.
Bloomberg reported that Davis’ attorney, David Finn, said in a statement that Davis will continue to cooperate with the investigation and “assist the prosecution’s attempts to find the billions that Stanford sent to Switzerland and other banks in Europe.”
In April, Davis agreed to cooperate with federal investigations, and was charged separately from the Houston company’s chief executive officer, R. Allen Stanford, who on June 30 was denied bail and will remain in jail until his trial, set for Aug. 25. Four others have also been indicted and charged with playing a role in the scheme.
Davis will initially enter a “not guilty” plea on July 13 before a federal magistrate, then change that plea in a later appearance before a U.S. District Court judge, Bloomberg reported.
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