Ex-Stanford CFO Davis is scheduled to change his plea to guilty in $7 billion fraud case
By APThursday, August 27, 2009
Ex-Stanford exec to plead guilty in swindle case
HOUSTON — The first guilty plea in the multibillion dollar Ponzi scheme that authorities say was perpetrated by Texas financier R. Allen Stanford’s business empire is set to be entered in court.
Sixty-year-old James M. Davis is scheduled Thursday to change his plea to guilty for his role in helping bilk investors out of $7 billion. Davis is the former finance chief of Stanford’s business empire.
His attorney David Finn has said Davis cooperated with prosecutors and the guilty plea is part of a deal with the Justice Department.
Davis, along with Stanford and others, are accused of advising clients to invest in certificates of deposit from the Stanford International Bank in the Caribbean island of Antigua. Prosecutors say they misused the money.
