This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8225198.stm

The article has changed 5 times. There is an RSS feed of changes available.

Version 1 Version 2
Stanford executive pleads guilty Stanford executive pleads guilty
(29 minutes later)
The former chief financial officer of billionaire Sir Allen Stanford's empire has pleaded guilty to charges relating to his boss's alleged $7bn fraud.The former chief financial officer of billionaire Sir Allen Stanford's empire has pleaded guilty to charges relating to his boss's alleged $7bn fraud.
James Davis pleaded guilty to two fraud charges and one of obstructing the US financial watchdog's investigation into Sir Allen.James Davis pleaded guilty to two fraud charges and one of obstructing the US financial watchdog's investigation into Sir Allen.
Sir Allen, who has pleaded not guilty to his charges, is currently in detention awaiting trial.Sir Allen, who has pleaded not guilty to his charges, is currently in detention awaiting trial.
On Thursday he had to go to hospital for a high pulse rate. On Thursday he had to go to hospital for an irregular heart rhythm.
Mr Davis, who has been co-operating with prosecutors under a plea deal, faces a prison term of up to 30 years.Mr Davis, who has been co-operating with prosecutors under a plea deal, faces a prison term of up to 30 years.
"I did wrong. I'm sorry," he said outside the courthouse. "I apologize. I take responsibility for my actions.""I did wrong. I'm sorry," he said outside the courthouse. "I apologize. I take responsibility for my actions."
'Defrauded thousands''Defrauded thousands'
Sir Allen, who was scheduled to appear in court on Thursday, was taken to a hospital in Conroe, Texas, in the morning due to a high pulse rate and an irregular heart rhythm.
His lawyer, Dick DeGuerin said his client had a history of high blood pressure, and has had trouble getting the medication he needs at the prison where he is being held.
Sir Allen surrendered to FBI officers in June, and has remained in custody since that time.Sir Allen surrendered to FBI officers in June, and has remained in custody since that time.
Fraud-charge Stanford in hospitalFraud-charge Stanford in hospital
He faces spending the rest of his life in jail if found guilty on all the fraud, conspiracy and obstruction charges he faces.He faces spending the rest of his life in jail if found guilty on all the fraud, conspiracy and obstruction charges he faces.
Sir Allen is accused of defrauding thousands of people who invested in his Stanford International Bank, which is located in Antigua.Sir Allen is accused of defrauding thousands of people who invested in his Stanford International Bank, which is located in Antigua.
US prosecutors said investors were "promised returns that were too good to be true".US prosecutors said investors were "promised returns that were too good to be true".
The case represents a rapid fall from grace for Sir Allen, who shot to prominence in the UK and the Caribbean in recent years with his lavish sponsorship of cricket.The case represents a rapid fall from grace for Sir Allen, who shot to prominence in the UK and the Caribbean in recent years with his lavish sponsorship of cricket.
His received his knighthood from the Antiguan government in 2006.His received his knighthood from the Antiguan government in 2006.
Sir Allen, who was scheduled to appear in court on Thursday, was taken to a hospital in Conroe, Texas, in the morning due to a high pulse rate and an irregular heart rhythm.