Stanford official charged over obstruction

27-02-2009

Stanford official charged over obstruction
The executive at the heart of Sir Allen Stanford's financial empire has been charged with obstructing federal agents investigating an alleged $8 billion fraud.

Laura Pendergest-Holt, the chief investment executive at Stanford Financial Group, will appear before a federal court on Friday charged with obstructing the fraud investigation, the US justice department said.

Texan billionaire and cricket magnate Sir Allen has had civil charges filed against him over what investigators have alleged was "fraud of shocking magnitude".

The joint American and Antiguan citizen was detained last week over the charges, which have rocked the worlds of investment and cricket due to the billionaire's close ties with the English and Wales Cricket Board (ECB).

Those ties have since been completely severed by the ECB.

According to reports, Ms Pendergest-Holt is alleged to have written scripts for employees to repeat to investigators.

Her lawyer Brent Baker said Ms Pendergest-Holt was "looking forward to working with the government to get all the facts out and put this behind her".

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