News

3rd day on stand for ex-Stanford CFO at fraud case

Monday, February 06, 2012 | 9:49 AM    

Print this page Email A Friend!


HOUSTON, USA (AP) — The man in charge of R Allen Stanford's finances is returning to the witness stand for a third day at the former tycoon's fraud trial in a Houston federal court.

James M Davis, the former chief financial officer for Stanford's companies, already has told jurors he helped Stanford fake profits for his Caribbean bank.

The 63-year-old Davis is testifying under a plea deal.

He's said he and Stanford funnelled millions of depositors' dollars to a secret Swiss bank account used for personal expenses, bribes to regulators and employee bonuses.

Prosecutors contend Stanford bilked investors out of more than $7 billion in a massive Ponzi scheme using a bank on the island nation of Antigua.

Stanford, once worth more than $2 billion, has been jailed without bond since his 2009 indictment.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Poll

Will you close your bank account because of Government's tax on withdrawals?
Yes
No


View Results »


ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT