Stanford's No. 2 “Devastated”

I Didn’t Know!

Updated Apr. 25, 2017 4:01PM EDT / Published Mar. 27, 2009 7:38AM EDT

R. Allen Stanford’s number two is changing his tune: Bloomberg reports that James Davis, the chief financial officer of Stanford Financial Group, is “devastated,” according to his lawyer. “He’s absolutely devastated, because he knows a lot of good people got hurt,” his lawyer said. The good news? “Jim is fully and actively cooperating, and trying to get investors who lost their money some help.” Davis met with SEC investigators yesterday, after having previously claimed protection under the Fifth Amendment. The SEC sued Davis last month for orchestrating a “massive ongoing fraud,” but his lawyer is now claiming that “he was the one who blew the whistle and brought the house of cards down.”

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Stanford's No. 2 “Devastated”