James Davis, chief financial officer of
Stanford Financial Group, has pleaded guilty in Texas to charges that he assisted Sir Allen Stanford, the company’s founder, in an alleged $7 billion Ponzi fraud, according to the Financial Times.

Sir Allen had been due to appear in court on a separate matter but had to be taken to hospital with heart problems. He has pleaded not guilty to all charges.

Mr Davis, who pleaded guilty to charges including fraud and obstruction of justice, faces a maximum prison sentence of 30 years. He also agreed to forfeit $1 billion.