Work on Davis' former home

By Patsy R. Brumfield/NEMS Daily Journal

A fleet of cleaning-company trucks sits parked in front of the former Union County home of James and Lori Davis on Friday, as Trustmark Bank gets ready to sell the property it bought from itself at public auction recently. James Davis was chief financial officer for Stanford Financial Group, an international company that collapsed under the weight of a federal investigation in 2009. The Davises lost the property to a court-appointed receiver after he was indicted and then pleaded guilty for his part in a $7.2-billion Ponzi scheme on certificate of deposit investors in Stanford International Bank Ltd. The Davises defaulted on their $1.7-million note for the house and about 20 acres, and Trustmark regained control with its sole bid of $604,500 at public auction in New Albany. Locally, Sue Gardner’s Century 21 Real Estate in Tupelo is handling the sale. Her colleague, Gale Collins, said Friday they’re hoping to be able to show the house very soon. Davis awaits sentencing later this year in Houston, Texas, where the Stanford empire had its headquarters. His boss, R. Allen Stanford, was convicted in the scheme and sentenced recently to 110 years in prison.