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Stanford ex-CFO Davis gets 5-year prison sentence

Jan 23 2013 Reuters

James Davis, the government's top witness in convicted swindler Allen Stanford's fraud trial, was sentenced on Tuesday to five years in prison for his role in a $7 billion Ponzi scheme. Davis, 64, who pleaded guilty in 2009 to three charges and could have been sentenced to 30 years, told the court in a breaking voice: "I am ashamed and I am embarrassed." He added that he let down his family, co-workers and thousands of investors. Davis pleaded guilty to fraud, conspiracy to commit fraud and conspiracy to obstruct a Securities and Exchange investigation. Stanford was convicted last year of bilking thousands of investors using fake certificates of deposit issued by Stanford International Bank in Antigua. He is serving a 110-year prison term in Florida. Davis spent a total of 10 days on the witness stand during two trials, including five days testifying against Stanford, his boss for more than 20 years and a former college roommate. Davis' lawyer, David

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