The Wall Street Journal reported Tuesday that Davis, a college roommate of company CEO Allen Stanford, is assisting the feds in criminal and civil probes, according to his attorney, David Finn of Dallas.
Davis, who has a mansion in Dry Creek outside of Baldwyn, was the mentor of Laura Pendergest-Holt, Stanford's chief investments officer. She is the only person charged criminally so far.
The Securities Exchange Commission has accused Stanford Financial of "a massive Ponzi scheme" involving CDs in a bank in Antigua. Losses are estimated at $8 billion. Stanford has an office in the Crescent Center in East Memphis where Davis and Pendergest-Holt worked.
Davis founded a church in Guntown, Mississippi, and formed a company that renovated several buildings in downtown Baldwyn. Stanford also has an office in nearby Tupelo.
-- John Branston