Stanford Day 13: Davis ends testimony

By Patsy R. Brumfield / Daily Journal

HOUSTON, Texas – James Davis, Stanford Financial Group’s former CFO, walked out of federal court this morning apparently completing his obligation to confront his former boss, R. Allen Stanford, about an alleged fraud they conducted across almost 20 years.

Davis, 63, is the government’s key witness against Stanford, 61, who’s on trial on charges he led a $7.2 billion scheme to illegally use deposits of CDs in his Stanford International Bank.

The former Baldwyn area resident, Davis was frail but spoke strongly when he began testimony on Friday.

By today, he was physically and emotionally frail.

He wept and had difficulty speaking, when asked by a prosecutor the size of an aluminum boat he once owned at his former residence in Union County.

Finally he said, 12-14 feet.

The prosecution was trying to compare Davis’ boat on his lake with Stanford’s 100-foot yacht as a metaphor for their culpabilities in the alleged Ponzi scheme.

Through it all, Davis continued to insist he acted on behalf of his former college roommate, whom he claimed was very engaged in the financial empire.

Defense attorneys tried to convince the jury it was Davis who carried out the fraud and that Stanford just spent money to make money.

• Come back for more reports.