HOUSTON, Jan. 22 (UPI) -- A U.S. judge handed former Stanford Financial Group Chief Financial Officer James Davis a five-year prison term for his part in a $7.2 billion fraud.
The fraud that included the loss of about $7.2 billion earned financier R. Allen Stanford a 110-year prison term. Davis could have received up to 30 years on various counts, including conspiracy to commit mail, wire and securities fraud, The Houston Chronicle reported Tuesday.
Davis is 64 and had been seeking a four-year sentence. His attorney, David Finn, pointed out that Davis, who pleaded guilty, had cooperated with authorities in their pursuit of his former boss.
Prosecutors had asked for a sentence twice as long as the one that was meted out. "How do you reward cooperation? And his cooperation was outstanding ... We're asking for 10 years," said prosecutor Jason Varnado.
Davis looked down and held back tears as U.S. District Judge David Hittner read the sentence, the newspaper reported.
"I'm ashamed and embarrassed ... I hurt thousands. I betrayed their trust," Davis said at the sentencing.
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