Laura Pendergest-Holt is a flight risk and should wear an electronic monitoring device, U.S. prosecutors said in a court filing Tuesday in Dallas.

The chief investment officer for Stanford Financial Group, Pendergest-Holt is accused of obstruction in the U.S. Securities and Exchange Commission's investigation of an $8.5 billion fraud.

The 35-year-old Baldwyn native also faces civil charges related to the alleged scheme along with Texas financier Allen Stanford and the company's chief financial officer James Davis.

Three Stanford companies are also named in the civil complaint.

According to Reuters news service, prosecutors argued in documents filed in U.S. District Court, that Holt remains a flight risk because she may have access to some of the billions in investor funds the government says it cannot locate.

"Access to even a small portion of these billions in missing assets provides the means and motivation for flight," said the court papers signed by Assistant U.S. Attorney Gregg Costa.

Pendergest-Holt, who was arrested in February for obstruction, was indicted last week. At the time of her arraignment, the lawyers asked that electronic monitoring be removed as a condition of her release.

An attorney for Pendergest-Holt could not immediately be reached for comment.