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U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012. REUTERS/Shamil Zhumatov (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

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U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012. REUTERS/Shamil Zhumatov (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

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Members of the U.S. Navy Blue Angels fly over the World Trade Center in lower Manhattan as part of the 25th annual Fleet Week celebration in New York, May 23, 2012. REUTERS/Eduardo Munoz (UNITED STATES - Tags: MILITARY ANNIVERSARY TPX IMAGES OF THE DAY)

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Judge sets bond for former Stanford exec Davis

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Former Stanford Financial Group Chief Financial Officer James Davis leaves a federal court with his wife and attorney David Finn (R) after appearing before a magistrate on charges related to the investigation into the company, in Houston, July 13, 2009. REUTERS/Richard Carson

Former Stanford Financial Group Chief Financial Officer James Davis leaves a federal court with his wife and attorney David Finn (R) after appearing before a magistrate on charges related to the investigation into the company, in Houston, July 13, 2009.

Credit: Reuters/Richard Carson

HOUSTON | Mon Jul 13, 2009 12:20pm EDT

HOUSTON (Reuters) - A U.S. judge set bond for James Davis, the ex-chief financial officer of offshore bank Stanford International Bank Ltd, on Monday at $500,000.

The bank's founder, R. Allen Stanford, has been ordered held without bail until he can stand trial in an alleged Ponzi

scheme that federal prosecutors claimed bilked clients of billions of dollars.

Davis, who is cooperating with federal prosecutors, appeared before U.S. Magistrate Judge Calvin Botley in federal court in Houston.

Davis faces conspiracy and obstruction charges related to a $7 billion scheme involving certificates of deposit issued by the offshore bank in Antigua.

(Reporting by Anna Driver in Houston)
U.S.
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