Stanford's attorneys say ex-CFO was behind fraud

February 7, 2012 12:44:45 PM PST
Attorneys for jailed Texas tycoon R. Allen Stanford are suggesting to jurors that letters, emails and other documents show it was not the financier but his top money man who was actually behind an alleged Ponzi scheme that took billions of dollars from investors.

Stanford's attorneys are questioning James M. Davis at the financier's fraud trial in Houston. Davis is the former chief financial officer at Stanford's companies.

Prosecutors claim Stanford bilked investors out of more than $7 billion in a massive Ponzi scheme centered on the sales of certificates of deposit from his bank on the island nation of Antigua.

Stanford's attorneys are accusing Davis of lying in his testimony in order to get a reduced sentence.

Davis has pleaded guilty in a deal with prosecutors.