On Tuesday, Hittner ordered Davis to report to federal prison within 60 days, allowing him time to meet with investors who have filed lawsuits against banks, law firms and others accused in the fraud.
Angela Shaw, a Dallas-area woman, founded the Stanford Victims Coalition after three generations of her family lost $4.5 million in the fraud.
Shaw said that Davis' sentence was "a little light" but she was grateful that Davis was willing to provide more details about how the fraud worked to help her group with their lawsuits.
"Hopefully his cooperation will lead to substantial recovery," Shaw said.
A receiver appointed by a federal judge in Dallas to oversee the recovery of funds from Stanford's business empire earlier this month announced a plan to make an initial distribution of $55 million to investors who lost money in the scheme. Shaw's group has been critical of the proposed distribution, saying it represents a recovery of one cent on the dollar for investors and that a majority of money recovered has been spent on expenses. The plan has yet to be approved.
Another top executive in Stanford's now-defunct empire — former chief investment officer Laura Pendergest-Holt — was sentenced to three years in prison in September after pleading guilty to one count of obstruction of a U.S. Securities and Exchange Commission proceeding.
Gilbert Lopez, the ex-chief accounting officer, and Mark Kuhrt, the ex-global controller, were convicted in November of conspiracy to commit wire fraud and nine counts of wire fraud. They are set to be sentenced Feb. 14.
A former Antiguan financial regulator was also indicted and awaits extradition to the U.S.
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