Funds lost in Stanford saga likely to grow

Stanford Financial’s saga surrounding an alleged $8 billion Ponzi scheme has seen increased activity in recent weeks, once again putting the state and some of its residents front and center.

Baldwyn resident James Davis, who was Stanford’s chief financial officer, has become the man in the middle based on statements by for his former college roommate.

“The investment and risk committee reported to Jim Davis, not to me,” Sir Allen Stanford told the New York Times. “The Stanford International Bank quarterly report was produced in Tupelo, Miss., under Davis’s direction and signed off by him. I trusted his integrity.”

Davis’ attorney, David Finn, has put the blame on Stanford and says Davis is cooperating with investigators. “He used Davis. And if Davis didn’t go along with it, he said he could easily find someone else who would,” Finn said in the same article.

Clarion-Ledger
4/26/9