Former Stanford Financial CFO to plead guilty: report

HOUSTON (Reuters) - A former top executive for Stanford Financial Group has agreed to plead guilty to three criminal fraud charges related to an alleged $7 billion Ponzi scheme, the executive's lawyer said on Wednesday.

James Davis, Allen Stanford's college roommate at Baylor College and chief financial officer for Stanford Financial Group and its Antiguan bank, has agreed to plead guilty, Davis' lawyer David Finn told CNBC.

The Justice Department in June charged Davis with helping Stanford run a Ponzi scheme involving certificates of deposit in the Antiguan bank. Stanford has pleaded not guilty to criminal charges and is in jail awaiting trial, currently set to start in August.

According to Finn, Davis will appear in federal court in Houston at an arraignment set for July 13. Davis will enter a not guilty plea, but inform the judge that he will switch the plea to guilty once details of the plea can be worked out, the lawyer said, according to CNBC.

Finn did not reply to calls and emails seeking a comment on Wednesday.

Davis has been cooperating with U.S. investigators for several months, his lawyer has said.

(Editing by Maureen Bavdek)