FBI Arrests Stanford Financial Group Officer, Laura Pendergest-Holt, More Arrests of the Greedy Welcom

ccun.org Editor's Note:

After arresting some of the greedy corrupt CEOs, like Madof, now is the time for Laura Penderest-Holt of Stanford Financial Group. More welcome arrests will be most welcome by the public, particularly involving the big names even Alan Greenspan of the Federal Reserve and Paul Wolfowitz of the World Bank if there is evidence to arrest them.

FBI arrests Stanford Financial Group officer

2009-02-27 11:53:51

WASHINGTON, Feb. 26 (Xinhua)--

The chief investment officer of Stanford Financial Group (SFG), Laura Pendergest-Holt, was arrested on Thursday for allegedly obstructing a Securities and Exchange Commission (SEC) fraud investigation, according to a U.S. Department of Justice press release.

She was arrested by the Federal Bureau of Investigation (FBI) in Houston where the company is headquartered. The FBI said she was taken to a federal detention center and will appear in court on Friday morning.

Pendergest-Holt was summoned by the SEC on Feb. 10 to testify in its investigation into allegations that the SFG and related companies had defrauded investors and account holders of an estimated 8 billion U.S. dollars in deposits, according to the release.

The Department of Justice alleged that she made several affirmative misrepresentations to the SEC in order to obstruct its investigation.

It also said she continued to obstruct the SEC's investigation when she was interviewed again by SEC staff on Feb. 17.

The SEC said it welcomed the arrest. It has filed civil charges against the SFG's chairman Allen Stanford, chief financial officer Jim Davis as well as Pendergest-Holt, accusing them of fraudulently marketing 8 billion dollars in high-interest certificates of deposit issued by the Antigua bank.

"We appreciate the quick and decisive action of the Department of Justice and the FBI, and thank them for their fine work and cooperation in this matter," SEC Deputy Enforcement Director Scott Friestad said after Pendergest-Holt's arrest.

The local media reported that Stanford has hired high-profile Washington lawyer Brendan Sullivan to defend him.

Accounts of Stanford's executives in Venezuela frozen

2009-02-26 14:50:07

CARCAS, Feb. 25 (Xinhua) --

A Venezuelan court has ordered the freezing of the personal accounts and assets of eight executives working in the Venezuelan branch of Stanford International Bank, which is facing fraud charges in the United States, the General Prosecutor's Office said on Wednesday.

The executives had earlier been banned from going abroad.

The Economy and Finance Minister, Ali Rodriguez, said he expects to auction the bank's assets in Venezuela within 15 days.

Stanford entered the Latin American country in 2002, and now holds 0.2 percent of Venezuela's public deposits, with 15 branches.

Hundreds of Venezuelans rushed to local Stanford banks to withdraw their money on Feb. 18, one day after U.S. Securities and Exchange Commission accused Allen Stanford, owner of the SIB, and two of his associates of running a "massive, ongoing fraud."

Editor: Wang Guanqun

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