BusinessBusiness RecoveryStanford CFO to co-operate with the Feds

Stanford CFO to co-operate with the Feds

James M Davis decides to co-operate with the Department of Justice and the SEC after reportedly exercising his Fifth Amendment rights to avoid incriminating himself

Stanford Financial Group CFO James M Davis the company at the centre of an
$8bn (£5.6bn) investment fraud is said to be cooperating with federal
investigators.

Davis had reportedly cited his Fifth-Amendment rights against
self-incrimination in a February filing with the Securities and Exchange
Commission.

CFO Davis, who was a college roommate of the cricket-loving billionaire Allen
Stanford at Baylor University, plans to work with the Department of Justice and
the SEC, his attorney David Finn told the
Associated
Press
.

Reveivers from Vantis are currently on the hunt to recover funds for 28,000
clients of Stanford International Bank and Stanford Trust Company, the two
institutions where the fraud allegedly took place.

Further reading:

Stanford
stays tight-lipped in fraud case

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