One of people accused of helping the billionaire businessman Sir Alan Stanford to orchestrate an $8 billion investment fraud is reportedly refusing to cooperate with US investigators.
James Davis, chief financial officer at the Antigua-based Stanford International Bank (SIB), was named in a civil suit filed by the Securities and Exchange Commission (SEC) on February 17th.
He, along with Sir Alan, Stanford Financial Group chief investment officer Laura Pendergest-Holt and three Stanford group companies, is accused of helping to run a Ponzi scheme which used fabricated historical returns to lure investors into supposedly high-yield certificates of deposit sold through SIB.
Bloomberg reports that in court papers filed in Dallas on February 27th, Mr Davis stated "I hereby assert my privilege against self-incrimination under the Fifth Amendment of the US Constitution and decline to testify or provide an accounting."
Sir Allen and Mr Davis are not facing any criminal charges, the news service reports.
Ms Pendergest-Holt was charged on February 25th with criminal obstruction of the SEC's investigation. She has been released on a $300,000 bond and is under electronic surveillance.
No comments:
Post a Comment