Friday, February 27, 2009

FBI makes first arrest in Stanford fraud case

The FBI made the first arrest in the $8 billion Stanford Financial Group fraud investigation on Thursday, detaining chief investment officer Laura Pendergest-Holt on federal obstruction charges.

Reuters speculates that prosecutors are getting ready to charge Allen Stanford, the group's Chairman. Standford is already the subject of SEC charges accusing him of running an $8 billion dollar fraud.


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