Former Stanford CFO Gets 5 Years For Role In $7B Scam

Law360, Houston (January 22, 2013, 3:04 PM EST) -- A Texas federal judge on Tuesday sentenced the former chief financial officer of Stanford Financial Group to five years in prison for his part in helping Robert Allen Stanford pull off a $7 billion Ponzi scheme.

U.S. District Judge David Hittner sentenced a contrite James M. Davis to 60 months in federal prison on three counts of conspiracy, mail fraud and obstruction of the U.S Securities and Exchange Commission’s investigation into charges that he faked the bank’s financial statements to hide the fraud from investors....
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