James Davis, the former CFO of Stanford Financial Group, pleaded guilty today to three felony charges connected to his role in the alleged fraud at the company. The FT reports that the charges to which Davis pleaded guilty include fraud and obstruction, and he also agreed to forfeit $1 billion.
Davis reportedly faces up to 30 years in prison. However, prosecutors may recommend a lighter prison term if Davis cooperates with the government. Davis will not be sentenced until the case against Allen Stanford has been tried, so prosecutors will be able to judge how well he cooperated.