Want to see pictures of Jim Davis, Laura Pendergest-Holt, their Tupelo office and their Baldwyn homes? Click here.
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Pendergest-Holt escorted to court (from The AP)
3:05 p.m. update: From AP: A federal magistrate has set bond at $300,000 for the chief investment officer of troubled Stanford Financial Group, accused of lying to investigators about the firm’s activities.
Laura Pendergest-Holt will have to post $30,000 cash and wear an ankle monitor as she heads to Dallas for more hearings in her case. She faces charges she obstructed the Securities and Exchange Commission investigation of the Stanford scandal.
The Justice Department sought bond of $1 million. Her lawyer said her assets were frozen in the Stanford investigation and she doesn’t have money for that high a bond.
3 p.m. update: The Secretary of State’s office has created an area on its web site for Stanford information, including info for investors. See it here.
2:37 p.m. update: It has been brought to our attention that Laura Pendergest-Holt was incorrectly identified as a former Stanford executive in a read-in in today’s paper. As far as we know, she is still the chief investment officer for Stanford.
2 p.m. update: The Houston Chronicle has posted the following picture of Laura Pendergest-Holt going into the courthouse in Houston:
Pendergest-Holt at court - from the Houston Chronicle
It looks like she’s in handcuffs – contrary to our previous information that she wasn’t wearing them. Read the Houston Chronicle’s story so far. The paper has a reporter inside the hearing. Quote from Pendergest-Holt’s attorney in the story:
Cogdell said Thursday that he expects the case to be a “nasty, drawn out fight.”
“She unequivocally committed no crime. Before today, she cooperated with authorities and even flew here to cooperate,” Cogdell said Thursday. “We were shocked at the way she was arrested. The whole deal — flying her here was a deception to arrest her here and make a big splash.”
1:45 p.m. update: Pendergest-Holt’s hearing should be starting back up now. We’ll post details as soon as we get them. In the meantime, read our profile about the 1991 Baldwyn High School grad. Since she was charged Feb. 17 by the SEC, she has been suspended from Youth Village’s board and it looks like she’s going to get kicked off the MUW Foundation board.
1:05 p.m. update: Stanford advisers had a meeting in Houston last night with investors. They had no advice to give, according to the Houston Chronicle (full story).
Stanford CIO Laura Pendergest-Holt
1 p.m update: We hear from Houston Chronicle reporter Mary Flood via DJ reporter Patsy Brumfield that Laura Pendergest-Holt was wearing a business suit at her court appearance today, not an orange jumpsuit. Flood also said she didn’t see any handcuffs.
12:40 p.m. update: From DJ reporter Patsy Brumfield via Houston Chronicle reporter Mary Flood: PH made initial appearance for a bond hearing. They’re arguing – prosecutors want to set bond at $1M and her attorney wants her to walk on her own recognizance. Will come back at 1:45 p.m. to continue hearing. She hasn’t pleaded to anything at this stage. Her husband is headed for Houston to be with her.
Prosecution isn’t buying that she can’t make bail – produced information that she made $1M in 2008 and 2007 in salary and bonuses. Her attorney’s arguing that she has agreed to cooperate and will make good on her deal with feds.
12:30 p.m. update: From Reuters: HOUSTON (Reuters) – The court-appointed receiver overseeing the financial empire of Texas billionaire Allen Stanford has located $90 million in assets so far, an FBI agent said on Friday. Read the full story.
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As we first reported last night, the FBI arrested Stanford CIO Laura Pendergest-Holt in Houston.
We talked with her husband, Jim Holt, shortly after we broke the news to you all. Here’s an excerpt (full text) from today’s Daily Journal that includes our interview with Jim Holt:
FBI agents late Thursday arrested Stanford Financial Group’s Chief Investment Officer Laura Pendergest-Holt on a criminal complaint charging her with obstructing the federal fraud case against Stanford.
She was arrested in Houston, Texas – where Stanford is headquartered – and will make her initial appearance today at the federal courthouse there.
Pendergest-Holt, a Baldwyn resident, was one of three Stanford executives charged on Feb. 17 by the U.S. Securities and Exchange Commission with defrauding investors and account holders of at least $8 billion in deposits. Civil charges also were lodged against Stanford Financial Group CEO Robert Allen Stanford and Stanford Chief Financial Officer Jim Davis, a Baldwyn native.
As of Thursday night, Pendergest-Holt was the only executive facing criminal charges in connection with the alleged fraud.
When the Daily Journal contacted Jim Holt, Pendergest-Holt’s husband, by phone late Thursday, he said he had “no idea” about the arrest. “I’m trying to figure this out myself.”
He said he was not in Houston with his wife, and said he wasn’t at the couple’s home in Baldwyn.
He declined to comment further.
Read the FBI’s press release about Pendergest-Holt’s arrest. It’s the short version of the full complaint, a 16-page document you can download here.
Read our previous Biz Buzz coverage of the fraud allegations against Stanford.
Is she in handcuffs?
It looks like she is. We’ll update that up top.
Actually they are matching bracelets found at most FBI stores.
I am an old friend of Laura’s and all I can say is if all this is true then she is not the same girl I know from college and after. I have known her since 1991. I have not talked to her in about 5 yrs but it is hard to think that she could have changed that much. This is 180 degrees of a different person than the person I knew. If she did wrong then she did wrong. It is just hard for me the think it.
It’s good to see everyone who’s been indicted treated the same. Law enforcement and the District Attorney’s office still have their good moments, I guess.
It’s funny how folks think that an elegant, well-dressed woman couldn’t be in handcuffs to the point of asking, “Is she in handcuffs?” If you need more evidence, think of it this way: if you were Laura Pendergest-Holt, would you hold your hands behind your back like that if you *weren’t* in handcuffs?
Is it just me or does she look like Hilary Swank? And yes, she knew what was going on. If she is as “brilliant” as the papers keep saying, she knew what was going on with the company.She started liking the money and prestige. Happens all the time…
…and are those Manolo Blahnik shoes ($700)? Is it just me or is it tasteless to wear something like that to your hearing in a case such as this?? Hopefully, the shoes are from Penney’s or Belk’s…. If they are Blahnik’s then the public just got another slap in the face.
Fashionista, what makes you think those are Manolo’s? I took a look and I could really pick up on a brand. They just look like 3″ mary jane style pumps. But you never know.
She looks like a whore.