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HOUSTON (February 12, 2012)--Many of the dramatic details including bribes and blood oaths in former jet-setting Central Texas tycoon R. Allen Stanford's ongoing fraud trial in Houston have come from his former top money man and the prosecution's star witness.
James M. Davis testified for days about the alleged $7 billion Ponzi scheme Stanford is accused of running, while the defense did its best to tear down his credibility and portray him as the true mastermind.
Legal experts say a fraud case as complex as this one isn't won or lost with one witness and Stanford's fate remains unclear.
Prosecutors claim Stanford bilked investors through the sales of certificates of deposit from his Caribbean bank.
But Stanford's attorneys claim Davis was behind the fraud and the financier's business empire was legitimate.
Stanford is a Mexia native, a Baylor University graduate and a former Waco businessman.
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