Stanford Exec Faces First Criminal Charge

Probe of alleged Ponzi scheme nabs chief investment officer
By Jason Farago,  Newser Staff
Posted May 13, 2009 8:26 AM CDT
Investigators from the US Marshals office walk out of the offices of Stanford Financial Group and head to their other office building in the Galleria, in Houston.   (AP Photo/Houston Chronicle, Steve Campbell, File)
camera-icon View 3 more images

(Newser) – A federal grand jury in Houston yesterday handed up the first criminal indictment in Stanford Financial Group's alleged Ponzi scheme, reports the Houston Chronicle. Chief investment officer Laura Pendergest-Holt, 35, faces two counts of obstruction. She and boss Allen Stanford already face accusations in a civil suit by the SEC. She is currently free on a $300,000 bond on another obstruction charge related to the SEC case.