James M. Davis
Encyclopedia
James M. Davis is the former chief financial officer
of Stanford Financial Group
. On 27 August 2009 he pled guilty to charges of fraud
and obstruction of Justice
in relation to a $7 billion investment fraud Ponzi scheme
allegedly run by the company.
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
of Stanford Financial Group
Stanford Financial Group
The Stanford Financial Group was a privately held international group of financial services companies controlled by Allen Stanford, until it was seized by United States authorities in early 2009....
. On 27 August 2009 he pled guilty to charges of fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
and obstruction of Justice
Obstruction of justice
The crime of obstruction of justice, in United States jurisdictions, refers to the crime of interfering with the work of police, investigators, regulatory agencies, prosecutors, or other officials...
in relation to a $7 billion investment fraud Ponzi scheme
Ponzi scheme
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation...
allegedly run by the company.