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| Version 3 | Version 4 |
|---|---|
| Stanford executive pleads guilty | Stanford executive pleads guilty |
| (about 2 hours 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 an irregular heart rhythm. | 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 apologise. 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. | 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. | 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 hospital | Fraud-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". |
| They allege Sir Allen ran a Ponzi scheme, whereby investors were paid from money put in by other investors rather than real profits, while at the same time he stole a large percentage of the cash to fund his lavish lifestyle. | They allege Sir Allen ran a Ponzi scheme, whereby investors were paid from money put in by other investors rather than real profits, while at the same time he stole a large percentage of the cash to fund his lavish lifestyle. |
| The assets of Stanford International Bank have since been frozen, with analysts saying many people will lose all their investments. | The assets of Stanford International Bank have since been frozen, with analysts saying many people will lose all their investments. |
| 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. |