Ex-CFO of Stanford Financial Group Pleads Guilty to $7 Billion Ponzi Scheme

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Ex-CFO of Stanford Financial Group Pleads Guilty to $7 Billion Ponzi Scheme

August 28th, 2009 meg

The former chief financial officer of Stanford Financial Group has pleaded guilty to three criminal counts for his part in an alleged $7 billion Ponzi scheme.

James Davis plead guilty to conspiracy to commit mail, wire and securities fraud as well as mail fraud.

Indicted in June, he also plead guilty to conspiracy to obstruct a Securities and Exchange Commission investigation.

Davis has agreed to the entry of a preliminary order of forfeiture in the amount of $1 billion.

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