BusinessCorporate FinanceStanford’s financial officer pleads guilty

Stanford's financial officer pleads guilty

Former finance officer James Davis apologises in court

The former finance officer to Texan billionaire Allen Stanford has pleaded
guilty to fraud,
The
Times
reports.

James Davis, Mr Stanford’s former chief financial officer, has pleaded guilty
to three counts of fraud to obstruct the Securities and Exchange Commission
investigation.

“I did wrong. I’m sorry. I apologise. I take responsibility for my actions,”
Davis said in court.

It came on a day when Stanford was rushed to hospital with high blood
pressure and an erratic heart beat, many times faster than the average rate,
potentially the result of sharing a prison cell with ten inmates in sweltering
conditions.

Standford was charged with defrauding investors of $7b (£4.3b) in a mass
Ponzi scheme.

In a further blow, his legal representative Dick DeGuerin is attempting to
quit his case over fears about his payment.

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