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Ex-Stanford exec tells jurors of secret account

Ex-Stanford exec says Texas financier funneled investor funds to secret Swiss bank account By The Associated Press

HOUSTON (AP) ' The ex-chief financial officer for Texas tycoon R. Allen Stanford's businesses says the financier funneled millions of dollars from investors to a secret Swiss bank account that he used to pay for personal expenses, bribes to regulators and employee bonuses.

James M. Davis worked for Stanford for 21 years. He testified Friday for a second day in the financier's fraud trial in Houston federal court.

Prosecutors claim Stanford used money for certificates of deposit in his Caribbean bank to pay for his failed businesses and his billionaire lifestyle.



Stanford's attorneys contend he was a savvy businessman whose financial empire was legitimate. They have suggested Davis was behind the alleged fraud.

Davis has pleaded guilty in the case as part of an agreement with prosecutors.


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Related Keywords:Stanford Trial,Legal proceedings,Fraud and false statements,Law and order,General news,Crime

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