FBI Arrests High-Ranking Stanford Exec

Investment officer faces SEC obstruction charges
By Newser Editors and Wire Services
Posted Feb 26, 2009 8:09 PM CST
The logo of Stanford Group in Zurich.   (AP Photo)
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(Newser) – FBI agents have arrested the chief investment officer of Stanford Financial Group, accusing Laura Pendergest-Holt of obstructing an SEC fraud investigation. The SEC has been investigating allegations of an $8 billion investment fraud involving Texas billionaire R. Allen Stanford's financial group. Pendergest-Holt, arrested in Houston, will appear in court tomorrow. These are the first criminal charges in the case—the SEC has charged Stanford himself with only civil charges so far.