HOUSTON -

A two-count indictment was handed down on Tuesday, charging the chief investment officer of Houston-based Stanford Financial Group with conspiring to obstruct a U.S. Securities and Exchange Commission investigation and obstructing the SEC proceeding, KPRC Local 2 reported.

READ IT: Class Action Lawsuit | Complaint | Stanford Memorandum Of Law| Complaint Against Laura Pendergest-Holt FIND IT: Stanford Financial Receivership

Laura Pendergest-Holt has been free on a $300,000 bond since she was charged with obstruction.

Investigators said the Stanford case is one of the largest financial frauds in United States history.

The SEC claims Chief Executive Officer R. Allen Stanford sold $8 billion worth of CDs, promising returns of 8 percent or more, but allegedly lied about how the money was invested.

The maximum penalties for each of the conspiracy and obstruction counts are five years in prison and a fine of $250,000.

Copyright 2011 by Click2Houston.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments

The views expressed are not those of this company or its affiliated companies. Please note by clicking on "Post" you acknowledge that you have read the Terms Of Service and the comment you are posting is in compliance with such terms.

blog comments powered by Disqus