Laura Pendergest-Holt of Baldwyn and her husband, James, have a Dalls federal court’s permission to sell their waterfront property in Wilmington, N.C., while she awaits trial in connection with the Stanford financial scandal.
The couple asked permission to sell the property, which they say they can’t make payments on, before the bank does. James Holt says he believes he can get a better price than the bank.
Their finances are strained because Pendergest-Holt’s assets were frozen in February by a court-appointed receiver seeking to recover as much money as possible for thousands of investors in Stanford certificates of deposit. As chief investment officer for Stanford Financial Group, she’s believed to have been paid as much as $1 million per year.
She, former CEO Allen Stanford and three others are accused of masterminding a $7.2 billion Ponzi scheme on the investors. All but one await trial in Dallas.
James Davis of Baldwyn, the former Stanford chief financial officer, pleaded guilty to the scheme and likely will be the prosecution’s key witness in a trial.
In granting James Holt permission to sell the North Carolina property, the court agreed he is entitled to 60.21 percent of the proceeds – his share of the money put into the property’s purchase a few years ago.
His wife’s share, based on her contributions, comes to 39.79 percent and will be deposited into a court bank account until her legal situation is decided.
NEMS Daily Journal