National News

Feb 7, 2012 6:45 AM by AP

Stanford's attorneys portraying CFO as liar

HOUSTON (AP) - Attorneys for jailed Texas tycoon R. Allen Stanford are trying to portray the prosecution's star witness in Stanford's fraud trial as a liar.
James M. Davis, who worked 21 years for Stanford, was to resume testifying Tuesday in the financier's fraud trial in Houston.
Prosecutors claim Stanford bilked investors out of more than $7 billion in a massive Ponzi scheme centered on the sales of certificates of deposit from the bank on the island nation of Antigua.
Stanford's attorneys have suggested Davis, the former chief financial officer for Stanford's companies, was behind the alleged fraud.
Defense attorneys began questioning Davis on Monday. The financier's attorneys tried to portray Davis to jurors as a crook who can't be trusted.
Davis has pleaded guilty in a deal with prosecutors.


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