August 27, 2009 / 2:38 PM / 8 years ago

Ex-Stanford CFO Davis pleads guilty to fraud

<p>Stanford Financial Group's former chief investment officer James Davis leaves federal court with his wife Lori in Houston August 27, 2009. REUTERS/Steve Campbell</p>

HOUSTON (Reuters) - The former chief financial officer of Stanford International Bank pleaded guilty on Thursday to charges stemming from an alleged $7 billion fraud.

James Davis, who has been cooperating with federal prosecutors, entered the plea in federal court in Houston.

He faces a maximum of 30 years in prison on the conspiracy, fraud and obstruction charges.

Reporting by Anna Driver and Erwin Seba in Houston, editing by Gerald E. McCormick

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below