HOUSTON (AP, abc24.com) - The ex-chief financial officer for Texas tycoon R. Allen Stanford's business empire tells jurors the financier ran his companies through a mix of flattery and fear.
James M. Davis worked for the Stanford Financial Group Co. for more than 20 years. He testified Thursday at the financier's fraud trial in Houston.
Davis described Stanford's management style as charismatic but also dictatorial.
Prosecutors allege Stanford used money from those who bought certificates of deposit from his bank in Antigua to pay for his businesses and for his billionaire lifestyle.
Stanford's attorneys contend he was a savvy businessman whose financial empire was legitimate. They have suggested that Davis is the true culprit behind the alleged fraud.
Davis has pleaded guilty in the case as part of an agreement with prosecutors.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
