Stanford Crony Davis Refuses To Testify

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Allen Stanford’s college roommate and Stanford Financial Group No. 2 has taken the Fifth:

Bloomberg: James M. Davis, the second-highest ranking executive at the Stanford Financial Group of companies, refused to cooperate in the U.S. investigation of an alleged $8 billion Ponzi scheme at the firms.

“I hereby assert my privilege against self-incrimination under the Fifth Amendment of the U.S. Constitution and decline to testify or provide an accounting,” Davis said in papers filed Feb. 27 in Dallas federal court as part of a U.S. Securities and Exchange Commission lawsuit. Davis is a director and chief financial officer of both Stanford Financial Group and Stanford International Bank…

In his declaration, Davis said he won’t provide any information or answer questions related to his personal assets or any actions he took regarding any of the Stanford-related entities, including how investors were solicited or how their funds were invested, according to court papers.

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Guess the SEC will have to find those numbered Swiss accounts on its own.

Photo: C. Todd Sherman, Northeast Mississippi Daily Journal

 

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