Top Stanford Exec Pleads Guilty

R. Allen Stanford's former chief investment officer has pleaded guilty to obstruction a week after the disgraced Houston financier was sentenced to 110 years in prison for bilking investors out of more than $7 billion.

Laura Pendergest-Holt entered her new plea today at a federal court in Houston.

She was indicted in 2009 on twenty-one counts related to the Stanford fraud, including obstruction.

Prosecutors agreed to drop twenty of those counts and have recommended a three-year sentence. She will be sentenced September 13th.

Stanford himself was convicted in March of thirteen charges, including conspiracy, wire and mail fraud.

Pendergest-Holt was the first person indicted in connection with one of the biggest Ponzi schemes in U.S. history.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...