Ex-Stanford Executive Gets 5 Years In $7B Swindle
|JUAN A. LOZANO, Associated Press|
"I am ashamed and I'm embarrassed," Davis said at the sentencing hearing at
Prosecutors say Stanford persuaded investors to buy certificates of deposit from his
At Stanford's trial last year, Davis _ the former chief financial officer of Stanford's companies _ portrayed his ex-boss as the leader of the fraud who burned through billions of CD deposits. He testified that he and Stanford faked the bank's profits and fabricated documents to hide the fraud.
Stanford, a one-time billionaire, was convicted in March on 13 of 14 fraud-related counts. He was sentenced to 110 years in prison and is serving his sentence in a
Many of the dramatic details at Stanford's fraud trial _ including testimony about bribes and blood oaths _ came from Davis.
Stanford's defense attorneys accused Davis of being behind the fraud and tried to discredit him by calling him a liar and tax cheat. Davis, who was Stanford's roommate at
Davis said he was "one of those liars" who faked the bank's numbers but that Stanford was "the chief faker."
Another top executive in Stanford's now-defunct empire _ former chief investment officer
Two other ex-executives _
A former Antiguan financial regulator was also indicted and awaits extradition to the U.S.
|Copyright:||(c) 2013 The Associated Press. All rights reserved.|