Stanford Exec Sentenced 3 Years for Obstructing Justice

Laura Pendergest-Holt, the former chief investment officer of Houston-based Stanford Financial Group, has been sentenced to 36 months in prison for her role in obstructing a U.S. Securities and Exchange Commission (SEC) investigation into Stanford International Bank (SIB), the Antiguan offshore bank owned by convicted financier Robert Allen Stanford.

According to court documents, Holt deliberately stalled the SEC’s investigation by agreeing to testify before the commission, knowing that her testimony would impede their efforts to obtain crucial information about SIB’s investment portfolio.

The sentence was imposed by U.S. District Judge David Hittner in the Southern District of Texas. In addition to her prison term, Holt was sentenced to three years of supervised release. Judge Hittner noted that Holt did not have the ability to pay a fine.

The investigation was conducted by the FBI’s Houston Field Office, USPIS, IRS-CI and the U.S. Department of Labor, Employee Benefits Security Administration. The case against Holt is being prosecuted by Assistant U.S. Attorney Jason Varnado of the Southern District of Texas, Deputy Chief Jeffrey Goldberg of the Criminal Division’s Fraud Section and Fraud Section Trial Attorney Andrew Warren.

Holt was remanded into custody today, marking the latest development in the ongoing case against Stanford Financial Group, which has been embroiled in a series of scandals and investigations in recent years.

The Justice Department thanks the SEC for their assistance and cooperation in this matter. The case serves as a reminder of the importance of cooperation with law enforcement and the severe consequences of obstructing justice.

Assistant Attorney General Lanny A. Breuer of the Criminal Division, U.S. Attorney Kenneth Magidson of the Southern District of Texas, FBI Assistant Director Ronald T. Hosko of the Criminal Investigative Division, Assistant Secretary of Labor for the Employee Benefits Security Administration Phyllis C. Borzi, Chief Postal Inspector Guy J. Cottrell from the U.S. Postal Inspection Service (USPIS), and Chief Richard Weber, Internal Revenue Service-Criminal Investigation (IRS-CI), all welcomed the guilty verdict and sentence.

Holt’s actions were deemed a serious offense, and her sentence reflects the gravity of the charges. The case will continue to be closely watched as the investigation into Stanford Financial Group unfolds.

RELATED: Stanford Exec’s Guilty Plea Rocks SEC Probe

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