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Former Stanford executive gets 5 years in $7b swindle

HOUSTON — The star prosecution witness at the fraud trial of Texas financier R. Allen Stanford expressed remorse Tuesday before being sentenced to five years in prison for helping to bilk investors out of more than $7 billion in one of the biggest Ponzi schemes in US history.

James M. Davis had faced up to 30 years in prison after pleading guilty in 2009 to three fraud and conspiracy charges. At Stanford’s trial last year, Davis testified that as chief financial officer of Stanford’s companies he helped the financier to fake his bank’s profits and fabricate documents to hide the fraud.

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Many of the dramatic details at Stanford’s trial — including testimony about bribes and blood oaths — came from Davis, who portrayed his ex-boss as the leader of the fraud.

Stanford, a one-time billionaire, was convicted in March on 13 fraud-related counts and sentenced to 110 years in prison.

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