Stanford Group Co. Chief Financial Officer James M. Davis, accused by federal regulators of helping his boss, R. Allen Stanford, run a multibillion dollar Ponzi scheme, is entering plea negotiations with federal prosecutors.
Davis was sued by the U.S. Securities and Exchange Commission along with Allen Stanford. Davis will negotiate a plea bargain to resolve potential criminal and civil liability related to a suspected $8 billion fraud, his lawyer said.
“We anticipate beginning those conversations as early as next week,” David Finn, Davis’s lawyer, said in a phone interview today. “Things are accelerating rapidly. We are starting to shift gears and starting to look forward for a resolution.”
The case is SEC v. Stanford International Bank, 09-00298, U.S. District Court, Northern District of Texas (Dallas).
To contact the reporter on this story: Laurel Brubaker Calkins in Houston at [email protected] .
Source:http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGKsrsAcwrgQ
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