James Davis, the chief financial officer of Stanford Financial who is facing charges related to an alleged $7bn fraud at the group, intends to plead guilty to the three charges against him, his attorney has told the Financial Times.

Attorney David Finn, who is representing only Mr Davis, told the FT there was likely to be a “procedural not guilty plea” entered at his arraignment, but that his client would plead guilty to the charges against him “once all the details are worked out”.