Stanford CFO Pleads Not Guilty in $7 Billion Fraud
Court Alerts
James M. Davis, accused of helping financier R. Allen Stanford swindle investors in a $7 billion fraud, pleaded not guilty to criminal charges in a U.S. court and was released on bail.
Davis, 60, who was chief financial officer at Stanford Group Co., one of the companies implicated in the alleged plot, will change his plea to guilty at a hearing before U.S. District Judge David Hittner in Houston within the next two weeks, his lawyer said.
“We don’t have an agreed sentence,” David Finn, Davis’s attorney, said after today’s arraignment. “It’s going to be completely the judge’s call.”
Davis, who prosecutors said faces as many as 30 years in prison, was released by U.S. Magistrate Judge Calvin Botley on $500,000 bond with a $5,000 cash deposit, with his in-laws and son as co-signers. Finn entered today’s plea on Davis’s behalf, repeating his intention to change the plea after the government has time to notify victims, as required by federal law.
Stanford and four other people were indicted by a Houston federal grand jury for their roles in an alleged scheme that included the sales of certificates of deposit through Antigua- based Stanford International Bank Ltd. Stanford has denied all charges of wrongdoing.
Davis, the second-highest ranking executive in the Stanford Financial Group of Companies, was charged separately from the other defendants and waived indictment. During most of today’s proceeding, Davis rocked back and forth on his heels with his hands clasped before him, appearing somber in a black business suit. He left the courthouse holding hands with his wife, Lori, without speaking to reporters.
Related listings
-
Woman sues, says NY school used her as 'plaything'
Court Alerts 07/10/2009A fundraiser at an upstate university has sued two senior athletic department officials, accusing them of using her as a "plaything" and trying to make her ply big donors with her sexuality.The plaintiff, Elizabeth Williams, is represented by the law...
-
NASCAR asks appeals court to reverse ruling
Court Alerts 07/09/2009NASCAR has asked an appeals court to overturn the injunction that lifted Jeremy Mayfield's indefinite suspension for a failing a random drug test.NASCAR made its request Wednesday to the 4th U.S. Circuit Court of Appeals. In the filing, NASCAR argues...
-
Six charged in $140 million NY brokerage fraud
Court Alerts 07/08/2009Six employees of Wall Street retail brokerage Sky Capital Holdings Ltd surrendered to the FBI on Wednesday on charges of a $140 million investment fraud and stock manipulation in the United States and Britain, officials said.The firm's founder, Presi...
Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.
Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.
Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.