• From The BBC:

    The former financial officer for Texan billionaire Allen Stanford’s empire is to plead guilty over an alleged $7bn (£4.3bn) fraud, his lawyer says.James Davis formally pleaded not guilty at a court appearance in Houston. But his lawyer, David Finn, told the court his client would change his plea to guilty within two weeks as part of an agreement reached with prosecutors. Allen Stanford last month pleaded not guilty to the charges he faces. He is currently in detention awaiting trial. They have been accused of involvement in a scheme which persuaded investors to buy $7bn worth of certificates of deposit from Stanford International Bank, located in Antigua. Prosecutors say they “promised returns that were too good to be true”. Mr Davis, 60, has been charged with conspiracy to commit mail, wire and securities fraud, and conspiracy to obstruct a Securities and Exchange Commission investigation. He pleaded not guilty to the charges when he appeared at the court in Houston. But, his la…

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    Posted by Jon @ 6:07 pm

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