The fate of the star Prosecution witness in the trial of convicted Ponzi-schemer, R. Allen Stanford, is known.
For those among the investors who lost $7-billion dollars to R. Allen Stanford’s scams and schemes, it was the crime of the century: Lifetime savings were lost, dreams were crushed, lives were ruined. In the end, Stanford was convicted on 13 counts of fraud and sentenced to 110-years in a prison in Central Florida.
James M. Davis faced 30-years in prison for lying and promoting the fakery being foisted by Stanford. But he also providing the most-damning testimony against his former employer and former college roommate. In the end, James Davis was sentenced to 5-years in prison for three counts of conspiracy and fraud.
At the hearing, Davis said he was “ashamed for perverting what was right”, and “hurting thousands of investors.”