James Davis, Stanford Financial Group CFO “Intends to Plead Guilty”

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.

emphasis added

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.

1 Comment on James Davis, Stanford Financial Group CFO “Intends to Plead Guilty”

  1. To those asking what happened to the auditor of Stanford, he was found dead, perhaps Stanford et al. including their lawyers Proskauer and Thomas Sjoblom should be investigated for murder as well.
    SPECIAL REPORTS
    Another Stanford Group associate died without much notice in January
    By Wayne MadsenOnline Journal Contributing Writer
    Mar 5, 2009, 00:19(WMR) — On February 27, WMR reported on the death in January of this year of Charlesworth ShelleyHewlett, the accountant who audited the books of Stanford International Bank from a small officebetween fish and chips shops in north London. Hewlett was 73 and his lawyers said only that he died“peacefully.” WMR has learned from a state government source in the United States that Hewlett’sdeath was “unusual,” however, little more is known about the circumstances of Hewlett’s death
    —–
    Thomas Sjoblom of Proskauer Rose is pointed to in both the SEC and FBI filings as the man behind the scenes, directing employees to lie to the SEC re the financial condition of the companies. Why was Proskauer and Sjoblom not directly named by the FBI and SEC to give the victims full disclosure of how the scheme was worked with the SEC former enforcement dude Sjoblom. Holt has sued Proskauer and Sjoblom but why has the receiver not seized their assets and firm, how can the firm continue to operate with liability insurance unless their carrier is unaware and Proskauer failed to notify them of their integral part and massive pending liabilities??? The FBI and SEC investigators should formally charge Proskauer and the victims should demand Proskauer to fully disclose their role in ripping off their money.

    Proskauer is also involved in a TRILLION dollar patent theft lawsuit tied to a Whistleblower lawsuit in the NY Southern District under Judge Shira Scheindlin, the complaints related are08-4873-cv United States Court of Appeals for the Second Circuit Docket – Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al. – TRILLION DOLLAR LAWSUITCases @ US District Court – Southern District NY(07cv09599) Anderson v The State of New York, et al. – WHISTLEBLOWER LAWSUIT(07cv11196) Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al.(07cv11612) Esposito v The State of New York, et al., (08cv00526) Capogrosso v New York State Commission on Judicial Conduct, et al., (08cv02391) McKeown v The State of New York, et al., (08cv02852) Galison v The State of New York, et al., (08cv03305) Carvel v The State of New York, et al., and, (08cv4053) Gizella Weisshaus v The State of New York, et al. (08cv4438) Suzanne McCormick v The State of New York, et al. (08 cv 6368) John L. Petrec-Tolino v. The State of New York
    —-
    MADOFF + STANFORD + DREIER + SATYAM + FISERV + ALBERT HU + The 1031 Tax Group LLC – Edward H. Okun = PROSKAUER ROSE & FOLEY & LARDNER
    Foley & Lardner partner Patricia J. (Trish) Lane represented FISERV, sue Foley, read on.
    Investors who have been burned in these scams should start to seek redress from the lawyers who were involved with these scams. I personally have been trying to notify regulators and authorities of a ONE TRILLION DOLLAR scam that is putting states like New York and Florida at huge risk, as well as, companies like Intel, Lockheed, SGI and IBM. The states and companies involved in the fraud fail to acknowledge the risk exposing shareholders and citizens to impending liabilities. Investigators, courts and federal agents ignoring the crimes and evidence, including a car-bombing attempt on my life. I know how Harry Markopolos felt trying to expose Madoff in a world without regulation.
    Did I hear Proskauer Rose is involved in Madoff (involved many clients too) and acted as Allen Stanford’s attorney. Investors who lost money in these scams should start looking at the law firm Proskauer’s assets for recovery. First, Proskauer partner Gregg Mashberg claims Madoff is a financial 9/11 for their clients, if they directed you to Madoff sue them. Then, Proskauer partner Thomas Sjoblom former enforcement dude for SEC and Allen Stanford attorney, declares PARTY IS OVER to Stanford employees and advises them to PRAY, this two days before SEC hearings. Then at hearings, he lies with Holt to SEC saying she only prepared with him but fails to mention Miami meeting at airport hanger. Then Sjoblom resigns after SEC begins investigation and sends note to SEC disaffirming all statements made by him and Proskauer, his butt on fire. If you were burned in Stanford sue Proskauer.
    Proskauer Rose and Foley & Lardner are also in a TRILLION dollar FEDERAL LAWSUIT legally related to a WHISTLEBLOWER CASE also in FEDERAL COURT. Marc S. Dreier, brought in through Raymond A. Joao of Meltzer Lippe after putting 90+ patents of mine in his own name, is also a defendant in the Federal Case.
    The Trillion Dollar suit according to Judge Shira Scheindlin is one of PATENT THEFT, MURDER & A CAR BOMBING. For graphics on the car bombing visit http://www.iviewit.tv.
    The Federal Court cases
    United States Court of Appeals for the Second Circuit Docket 08-4873-cv – Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al. – TRILLION DOLLAR LAWSUIT
    Cases @ US District Court – Southern District NY
    (07cv09599) Anderson v The State of New York, et al. – WHISTLEBLOWER LAWSUIT
    (07cv11196) Bernstein, et al. v Appellate Division First Department Disciplinary Committee, et al.
    (07cv11612) Esposito v The State of New York, et al.,
    (08cv00526) Capogrosso v New York State Commission on Judicial Conduct, et al.,
    (08cv02391) McKeown v The State of New York, et al.,
    (08cv02852) Galison v The State of New York, et al.,
    (08cv03305) Carvel v The State of New York, et al., and,
    (08cv4053) Gizella Weisshaus v The State of New York, et al.
    (08cv4438) Suzanne McCormick v The State of New York, et al.
    ( ) John L. Petrec-Tolino v. The State of New York

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