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The chief financial officer of the investment company owned by Texas cricket mogul Allen Stanford Thursday pleaded guilty to charges stemming from a complex seven-billion-dollar fraud.
James Davis, 60, the former chief financial officer of Houston-based Stanford Financial Group, pleaded guilty to fraud and obstruction charges, the Department of Justice said in a statement.
Davis admitted he and his co-conspirators defrauded investors who bought about seven billion dollars in certificates of deposit administered by the Antigua-based Stanford International Bank.
He admitted the scam dated back to 1990 when he and his co-conspirators began making false entries into the bank’s ledgers about its revenues and revenue balances, the DOJ said.
Stanford, 59, a flamboyant Texan billionaire who sought to revolutionize the world of cricket, pleaded not guilty in June to 21 charges of fraud, money-laundering and obstruction.
He is being held without bail in a jail near Houston, Texas, awaiting trial, and officials said Thursday he had been hospitalized. Attorney Robert Luskin said the disgraced financier was suffering a “heart condition of some kind.”
Davis admitted Thursday the team misappropriated most of the bank’s investor assets, including by diverting more than 1.6 billion dollars into undisclosed personal loans to a co-conspirator, the Justice Department added.