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In Ominous Sign For Sir Allen, Feds Flip Stanford Number Two
This doesn't sound like good news for Sir Allen...
James Davis, the number two at Stanford Financial Group, is cooperating with the federal civil and criminal probes into the $8 billion Ponzi scheme that both are accused of orchestrating, Davis' lawyer has told (sub. req.) the Wall Street Journal.
That's a shift by the former SFG chief financial officer, who was also Allen Stanford's college roommate. Previously, Davis had taken the fifth, along with Stanford himself, and had refused to provide investigators with key company documents.
To date, Stanford, Davis, and a third Stanford employee, Laura Pendergest-Holt, have been charged in a civil complaint filed by the SEC. But only Pendergest-Holt currently faces criminal charges, relating to obstruction of justice.
That's likely to change. Even Davis' cooperation doesn't appear likely to shield him from facing his own criminal charges. But it can hardly come as welcome news for the cricket-loving billionaire.

















Hah Number 2's Pic! Funny stuff here... That reminds me, any word on an Austin Power four movie?
March 24, 2009 1:58 PM | Reply | Permalink
Whoa. Bad 70's flashback, man.
http://www.imdb.com/title/tt0078622/plotsummary
March 24, 2009 6:05 PM | Reply | Permalink
I hope they all end up in separate cells in the same facility, and can enjoy the luxury facilities, like stainless steel buttons in the wall to flush the stainless steel toilets and the rubberized wrestling mats for a bed.
May they ROT in H E Double Toothpicks for the next 60 years.
Just my humble opinion.
March 24, 2009 9:02 PM | Reply | Permalink