Alphaville blog is reporting that James Davis, the former CFO of Stanford Financial Group and who is facing charges related to an alleged $7 billion Ponzie scheme at the group, intends to plead guilty to the three charges against him, his attorney told the Financial Times.
From the FT: Attorney David Finn, who is representing only Mr Davis, told the FT there would likely be a “procedural not guilty plea” entered at his arraignment, but that his client would ultimately plead guilty to the charges against him “once all the details are worked out.” Mr Davis is due to appear in court in Houston on July 13.
“Our cooperation with the authorities is ongoing,” Mr Finn said. He added that Mr David would accept “full responsibility” for his actions.
Texan billionaire Allen Stanford, who has been charged by the Department of Justice working with the FBI and the US Postal Inspection Service in a separate indictment on 21 counts including fraud and obstruction, has pleaded not guilty to all the claims against him. If found guilty he could face up to 250 years in prison for conspiring to defraud investors of $7bn.