HOUSTON, Jan. 22 (Xinhua) -- A former finance chief for convicted Texas financier Allen Stanford was sentenced to five years in prison Tuesday for his role in Stanford's 7-billion-U.S.-dollar Ponzi scheme.
James M. Davis, 64, both former finance chief of Houston-based Stanford Financial Group and former CFO of Stanford International Bank, faced up to 30 years in prison after pleading guilty in 2009 to three fraud and conspiracy charges.
As part of the 2009 guilty plea, Davis said he was aware of Stanford's misuse of the bank's assets, and helped Stanford fake his banks' profits and fabricate documents to hide the fraud, according to the U.S. Justice Department.
Other top executives involved in the Ponzi scheme also received sentences or still await trials. Former Stanford investment chief Laura Pendergest-Holt was sentenced to three years in prison. Gilbert Lopez, the ex-chief accounting officer, and Mark Kuhrt, the ex-global controller, were convicted of conspiracy to commit nine counts of wire fraud and will be sentenced on Feb. 14.
Stanford himself was sentenced to 110 years in prison.
The Texan was once considered one of the richest persons in the United States with an estimated net worth of about 2.2 billion U.S. dollars.
In 2009, he and his co-defendants were charged with engaging in a scheme to defraud investors who bought roughly 7 billion U.S. dollars in certificates of deposit administered by Stanford International Bank Ltd., the bank in Antigua controlled by Stanford.