UPDATE: Trial date set for Pendergest-Holt in Stanford scandal

HOUSTON, Texas – Baldwyn’s Laura Pendergest-Holt is scheduled to go on trial July 20 in Texas to answer charges she conspired and obstructed justice in the federal investigation of Stanford Financial Group.

Last week, Pendergest-Holt pleaded not guilty to the two counts in the U.S. District Court of the Southern District of Texas.

The court estimates her trial will take two weeks. Other deadlines were scheduled in the order, including a pre-trial conference for July 13.

The Stanford chief investment officer remains free on $300,000 bond as she awaits the Houston trial.

The SEC also has accused SFG’s president, Richard Allen Stanford, CEO James Davis of Baldwyn and other top executives of conducting an $8 billion fraud by advising clients to buy certificates of deposit at the Antigua-based Stanford International Bank.

If convicted on both counts, Pendergest-Holt faces up to 10 years in prison and a $500,000 fine.

She is the only person indicted so far in the scandal. Stanford has said he expects to be indicted and Davis reportedly is cooperating with prosecutors.

Read Tuesday’s Daily Journal for more details.

Patsy R. Brumfield/Daily Journal