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Ex-Stanford exec: Fraud could no longer be hidden

Ex-Stanford exec says attempts to hide fraud by former Texas tycoon failed as feds closed in By The Associated Press

HOUSTON (AP) ' The ex-chief financial officer for jailed Texas tycoon R. Allen Stanford's businesses has told jurors that desperate attempts to hide a massive Ponzi scheme proved unsuccessful in the months before authorities shut down the fraud.

James M. Davis worked 21 years for Stanford. He was being questioned for a third day Monday by federal prosecutors in Houston.

He said the fraud he participated in was killing him when it came to his health. Davis has pleaded guilty.

Prosecutors claim Stanford bilked investors out of more than $7 billion in a scheme centered on the sales of certificates of deposit from the bank on the island nation of Antigua

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

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