Pendergest-Holt Indicted for Obstruction and Conspiracy

Baldwyn native Laura Pendergest-Holt has been the first person indicted in the Stanford Financial fraud investigation.

A Mississippian has been indicted on obstruction and conspiracy charges related to an $8.5 billion fraud. MPB’s Cari Gervin reports.

Baldwyn native Laura Pendergest-Holt was the first person arrested in the Stanford Financial saga, and now she has been the first person indicted.

The indictment alleges that the former Chief Investment Officer of the Stanford Group concealed her knowledge of assets held by the offshore bank. She is also accused of having wired $4.3 million of funds from the offshore bank to its operating account in Houston after lying to SEC investigators in February.

Pendergest-Holt faces up to five years in prison and a fine of $250,000 for each of the counts.

To date, no charges have been filed against Sir Allen Stanford, the owner of Stanford Financial, or James Davis, the company’s CFO and another resident of Baldwyn. The SEC has accused Stanford of running a giant Ponzi scheme.

Secretary of State Delbert Hosemann issued a statement that said he doubted the indictment would slow the state’s pursuit of missing funds from Mississippi-owned Stanford accounts.

For MPB News, I’m Cari Gervin.