Former Stanford Financial Group Co. finance chief James M. Davis is seeking a prison sentence 26 years shorter than the potential 30-year term he agreed to after pleading guilty to his role in a $7 billion investor fraud, citing his cooperation with prosecutors. Davis, 64, the second-highest ranking officer in the financial services empire of Texas billionaire R. Allen Stanford, will ask today for four years in prison when he is sentenced by U.S. District Judge David Hittner in Houston federal court, according to a defense filing in the case. Stanford, 62, is serving a 110-year prison term after being convicted—in part on testimony and evidence provided by Davis—in March of stealing more than $2 billion from investors for personal use. Davis agreed that he would face a maximum of 30 years in prison and forfeiture of $1 billion when he pleaded guilty to three felony counts pertaining to his role in the Ponzi scheme in August 2009, two months after Stanford was indicted. In his plea deal, Davis said he would seek a shorter sentence only based on his cooperation and acceptance of responsibility for his crimes. Bloomberg has the full story here.
Stanford’s ex-finance chief to be sentenced today
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