The $8 billion fraud allegations against Stanford Financial Group will have to be cleared up without the cooperation of the firm's chief financial officer, after he asserted his rights to not incriminate himself, according to a report.

James M. Davis, who has been accused by U.S. regulators of misappropriating $1.6 billion of the company's funds and perpetrating a massive ponzi scheme asserted his rights in a court document filed February 27 in Dallas federal court, according to Bloomberg.

I hereby assert my privilege against self-incrimination under the Fifth Amendment of the U.S. Constitution and decline to testify or provide an accounting, Davis stated.

Davis, along with the firm's Chairman R. Allen Stanford are implicated in the civil charges filed against them by the Securities and Exchange Commission earlier this month. No criminal charges have been filed against them.

Chief Investment Officer Laura Pendergest-Holt has also been charged by federal prosecutors of criminal obstruction in the SEC investigation and is currently free on a $300,000 bond.