Former Stanford exec appears in court

July 13, 2009 9:51:55 AM PDT
The former finance chief of Texas billionaire financier R. Allen Stanford's empire has pleaded not guilty to helping to swindle investors out of $7 billion. But James M. Davis' attorney says Davis is expected to return to court next week to plead guilty.

Davis pleaded not guilty Monday to three charges. Defense attorney David Finn says the Stanford Financial Group's ex-chief financial officer will return to court next week to plead guilty on all charges as part of a deal with prosecutors.

Sixty-year-old Davis is charged with conspiracy to commit mail, wire and securities fraud, mail fraud and conspiracy to obstruct a Securities and Exchange Commission investigation.

U.S. Magistrate Calvin Botley on Monday ruled that Davis can be released on $500,000 bond.

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