Downtown property of former Stanford exec sold
by Associated Press
Published: September 1,2011
Tags: auction, downtown, investing, investors, ponzi scheme, real estate, scam
BALDWYN — Earl Stone was the lone bidder for seven downtown Baldwyn properties once belonging to James Davis, the former CFO for the defunct Stanford Financial Group.
The Northeast Mississippi Daily Journal reports Stone paid $155,000 for the properties. Stone says he hopes the properties will be used to help reinvigorate the area.
Davis is among several former company officials accused of bilking $7.2 billion from investors through a ponzi scheme involving Stanford certificates of deposit. Davis pleaded guilty in September 2009 for his part in the scheme and waits to testify in criminal trials in Houston, Texas.
Attorneys for Ralph Janvey, the court-appointed receiver in charge of liquidating Stanford assets, said it could take about 60 days for Stone to receive clear titles to the properties.
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