Headlines:
| Stanford CFO to plead guilty |
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| Thursday, 02 July 2009 | |
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Stanford Group Chief Financial Officer, James Davis is
expected to plead guilty as part of a federal probe of a $7 billion Ponzi
scheme at the Texas
company. Mr. Davis' lawyer David Finn says he 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. Mr. Davis, who was charged separately from indicted Texas financier Allen Stanford on June 18, will initially enter a not guilty plea before a federal magistrate, then change that plea in a later appearance before a US District Court judge. Stanford and four other people were indicted by a Houston federal court jury for their roles in an alleged scheme that included the sales of certificates of deposit through Antigua-based Stanford International Bank Ltd. The financier has denied all charges of wrongdoing. Houston Executive Assistant US Attorney Nancy Herrera said in a telephone interview that she cannot confirm or deny anything, except that Mr. Davis will be arraigned before Magistrate Judge Calvin Botley on July 13. |