Former Stanford exec gets 5 years in fraud
Another confederate of disgraced financier R. Allen Stanford is headed to federal prison for his role in a multinational, multibillion-dollar fraud that cheated some 28,000 investors with worthless certificates of deposit.
James Davis, a former college roommate of Stanford who rose from bookkeeper to chief financial officer of Stanford Financial Group, was ordered to federal prison for five years.
The term is more than the four years Davis had sought - in return for his extensive cooperation with the government and subsequent testimony that help convict Stanford last year and earn him a 110-year sentence - but less than the decade behind bars recommended by federal prosecutors.
"How do you reward cooperation?" prosecutor Jason Varnado told U.S. District Judge David Hittner. "And his cooperation was outstanding ... We're asking for 10 years."
More at http://www.chron.com/business/article/Former-Stanford-exec-gets-5-years-in-fraud-4213549.php .
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