Saturday, September 15, 2012

Ex-Stanford exec gets 3 years in prison for role in $7B Ponzi scheme

AP  HOUSTON -- Ex-exec for Texas financier Stanford gets 3 years in prison for role in $7B Ponzi scheme.

Former Stanford chief investment officer Laura Pendergest-Holt was sentenced Thursday for her role in helping the once jet-setting businessman bilk investors out of more than $7 billion.

In June, Pendergest-Holt pleaded guilty to obstructing a U.S. Securities and Exchange Commission proceeding. The plea was part of an agreement with federal prosecutors in exchange for a three-year prison sentence.

Her guilty plea came after Stanford was sentenced to 110 years in prison after his conviction on fraud-related charges for orchestrating one of the biggest Ponzi schemes in U.S. history.

Two other Stanford executives are set for trial later this month.

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