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

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Posted: Feb 6, 2012 9:35 AM
Updated: Feb 6, 2012 9:35 AM
Source: Associated Press

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Topics: wbrz, baton rouge, james m davis, trial, ponzi scheme, houston

HOUSTON - 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 funneled 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.

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