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13 May 2009
The chief investment officer of banking and financial services company Stanford Financial Group was charged by a federal grand jury earlier this week for charges of conspiracy and obstruction of justice.
The chief financial officer James Davis, chairman Allen Stanford and chief investment officer Laura Pendergest-Holt had charges of fraud made against them by the Securities and Exchange Commission earlier this year, Chron.com reported.
The fraud case is over a Ponzi scheme, an operation that pays investors from their own money rather than from an actual profit, that is alleged to have taken place at Stanford.
Davis is said to be co-operating with investigators while Stanford has said he expects to be indicted. Pendergest-Holt was arrested in February and given a $300,000 (£196,000) bail. She has been charged for giving false information regarding the Ponzi scheme to investigators. She alleged that she didn't know the value of some of the assets at Stanford Financial Group.
Dan Cogdell, Pendergest-Holt's legal representative, said: 'While being indicted is never a good day for any defendant, we are very confident that the facts will defeat this indictment.
'The fact that we are the sole defendant charged will make it easier for the jury to focus on Laura and only Laura.'
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