James M. Davis (Q6138409)
Jump to navigation
Jump to search
American businessman, CFO Stanford Financial, convicted of fraud
- James Davis
- Jimmy Davis
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | James M. Davis |
American businessman, CFO Stanford Financial, convicted of fraud |
|
Statements
2013
2 references
Former Stanford Financial CFO Gets 5 Years in JailJan. 22, 2013 4:36 pm ETBy Kristin JonesThe former finance chief of Houston-based Stanford Financial Group was sentenced by a federal judge in Texas to five years in prison for his role in cloaking a massive Ponzi scheme run by convicted financier Robert Allen Stanford, the Department of Justice said.James M. Davis, who is 64, was also former CFO of Stanford International Bank. As part of a 2009 guilty plea in the case, Davis said he was aware of Stanford's misuse of the bank's assets, and worked to keep the scheme hidden, the Justice Department said.He was also convicted of conspiring to obstruct a Securities and Exchange Commission investigation into the bank. (English)
As part of his 2009 guilty plea, Davis admitted that he and his co-conspirators defrauded investors who purchased approximately $7 billion in certificates of deposit (CDs) administered by SIBL, an offshore bank located on the island of Antigua. Davis further admitted that he and his co-conspirators misused and misappropriated most of those investor assets, including by diverting more than $1.6 billion into undisclosed personal loans to a co-conspirator, while misrepresenting to investors SIBL’s financial condition, its investment strategy and the extent of its regulatory oversight by Antiguan authorities. (English)
Identifiers
1 reference
Sitelinks
Wikipedia(2 entries)
- enwiki James M. Davis
- hywiki Ջեյմս Մ. Դևիս