From the AP: The star prosecution witness in the trial of
convicted Texas financier R. Allen Stanford was sentenced Tuesday to five years
in prison for helping to bilk investors out of more than $7 billion in one of
the biggest Ponzi schemes in U.S.
history.
James M. Davis had faced up to 30 years in prison after
pleading guilty in 2009 to three fraud and conspiracy charges as part of an
agreement with prosecutors.
Prosecutors say Stanford persuaded investors to buy
certificates of deposit from his Caribbean bank,
then used that money to bankroll a string of failed businesses and his own
lavish lifestyle, including a fleet of private jets and yachts…..
Read more at http://www.nypost.com/p/news/business/ex_stanford_executive_gets_years_dAzwFjan8hxTJIi9gXMI5K
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