More ex-Stanford execs to face charges, WSJ reports

By PATSY R. BRUMFIELD/Daily Journal

WASHINGTON, D.C. – Expect former Stanford Financial executives to face civil charges from the Securities and Exchange Commission, the Wall Street Journal reports.
Friday’s WSJ published a report that “within days” the SEC will announce charges of securities violations against Danny Bogar, former president of Stanford Group Co., and Bernerd Young, former chief compliance officer, in connection with jailed former CEO R. Allen Stanford’s $7.2-billion Ponzi scheme on CD investors.
Other former company officials also may be charged, WSJ states.
Last March, a Houston, Texas, federal jury found Stanford guilty of stealing billions of investor money and using it to finance his playboy lifestyle, as well as unprofitable private businesses he controlled.
He was sentenced to 110 years in prison.
Bogar is brother-in-law to former Stanford CFO James Davis, formerly of Union County. He worked ran the Stanford office in Memphis.
Davis pleaded guilty to his part in the scheme in 2009 and faces sentencing in Houston.
• Read more in Saturday’s Daily Journal.