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| Stanford chief 'to plead guilty' | Stanford chief 'to plead guilty' |
| (9 minutes later) | |
| The former financial officer for Texan billionaire Allen Stanford's empire is to plead guilty over an alleged $7bn (£4.3bn) fraud, his lawyer says. | The former financial officer for Texan billionaire Allen Stanford's empire is to plead guilty over an alleged $7bn (£4.3bn) fraud, his lawyer says. |
| James Davis formally pleaded not guilty at a court appearance in Houston. | James Davis formally pleaded not guilty at a court appearance in Houston. |
| But his lawyer, David Finn, told the court his client would change his plea to guilty within two weeks as part of an agreement reached with prosecutors. | But his lawyer, David Finn, told the court his client would change his plea to guilty within two weeks as part of an agreement reached with prosecutors. |
| Allen Stanford last month pleaded not guilty to the charges he faces. He is currently in detention awaiting trial. | |
| They have been accused of involvement in a scheme which persuaded investors to buy $7bn worth of certificates of deposit from Stanford International Bank, located in Antigua. | |
| Prosecutors say they "promised returns that were too good to be true". | |
| Mr Davis, 60, has been charged with conspiracy to commit mail, wire and securities fraud, and conspiracy to obstruct a Securities and Exchange Commission investigation. | |
| He pleaded not guilty to the three charges when he appeared at the court in Houston. | |
| But, his lawyer David Finn, said Mr Davis would return to court to plead guilty to all charges. | |
| He said the temporary not-guilty plea, given in court on Monday, gives officials time to fulfil a 2004 law requiring potential crime victims to be informed of a plea deal, the Houston Chronicle reports. | |
| Once this is done, Stanford Financial Group's former chief financial officer can change his plea. |