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....
To view the full article, register now.

Related

Sections

Case Information

Case Title

USA v. Davis


Case Number

4:09-cr-00335

Court

Texas Southern

Nature of Suit

Date Filed

June 18, 2009

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.