Stanford Attorney Presses Attack on ex-CFO James Davis

R. Allen Stanford's defense team is continuing efforts to discredit James Davis, former chief financial officer for Stanford Financial Group. Davis is the star government witness against Stanford in the Houston financier's Ponzi scheme trial.

Defense counsel Robert Scardino questioned Davis on bank transactions involving Crosswalk, originally a band formed by Davis’ two sons in the 1990s. Davis testified that he had incorporated the band and opened a bank account to help with its finances.

Scardino presented in evidence a check Stanford had made out to Crosswalk in mid-2004 for $250,000. Davis admitted Stanford had made out another check to Crosswalk for the same amount shortly afterwards. The attorney took Davis through bank statements illustrating how Davis transferred money from the Crosswalk account to support Davis’ private businesses in Baldwyn, Mississippi. Asked whether he thought Stanford had given him the money to support these businesses, Davis said he’d presumed they were bonuses. He admitted, though, that they were not intended for the band, which had long since broken up.

Throughout the day, the defense counsel focused on questions of Davis’ credibility as a witness, as well as his personal responsibility for Stanford’s alleged fraud. Davis returns to the stand today for his fifth day of testimony


Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined News 88.7 in January 2011. Since arriving in Houston, he has reported on the many changes wrought on the region’s economy by the revolution in domestic oil and gas production. His non-energy reporting runs the gamut from white-collar crime to cattle ranching. His work has aired on...

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