Allen Stanford No. 2 Singing Like Canary

Allen Stanford’s CFO and former college roommate James Davis has decided to cooperate with the Feds. Maybe that means Allen Stanford will finally be arrested.

(Below: James Davis.  Right: Stanford in happier days).

WSJ:  The No. 2 executive at Stanford Financial Group, James M. Davis, is cooperating in federal criminal and civil fraud investigations of the business group, according to Mr. Davis’s attorney.

The development could advance the inquiries, which haven’t been able to secure information from Texas financier R. Allen Stanford, say people familiar with the matter. The Securities and Exchange Commission said earlier this month that Mr. Stanford had asserted his Fifth Amendment right against self-incrimination in its civil case against him…

Mr. Stanford and Mr. Davis, college roommates at Baylor University, were named last month in an SEC civil lawsuit in Dallas that accuses them of engineering “a massive Ponzi scheme” that misappropriated billions of dollars of investor funds.

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