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Stanford's chief financial officer pleads guilty in $7 billion fraud

The chief financial officer of Stanford Financial Group pleaded guilty in connection with a $7 billion international Ponzi scheme in a U.S. court Thursday.

The 60-year-old James Davis is cooperating with federal prosecutors, who are mounting a case against the chief executive of Stanford, Texas financier R. Allen Stanford. Mr. Stanford was hospitalized Thursday with a rapid heart beat.

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