Stanford Financial perp walk #1

[Htown Harry]

Oh boy! Houston's federal courthouse will once again be the backdrop for some great "perp walk" scenes where an accused white collar criminal is led in handcuffs past a media horde.

HOUSTON -- FBI agents arrested the chief investment officer of troubled Stanford Financial Group on Thursday, accusing Laura Pendergest-Holt of obstructing a Securities and Exchange Commission fraud investigation.

The SEC has been investigating allegations of an $8 billion investment fraud involving Texas billionaire R. Allen Stanford's financial group.

Pendergest-Holt was arrested in Houston, where Stanford Financial Group is based. The FBI said she was taken to the federal detention center and would appear in federal court Friday morning for an arraignment...
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I don't believe I have seen the satellite trucks parked down on Rusk Street since Kenny-boy, Jeff and the rest of the Enron boys had their day in the sun.

I predict extensive coverage...some of the reporters may even remember to discuss the legal issues of the case.

 

[Leonidas]

25 year-old walks in with zero experience and is Queen of the Universe a decade later.

Who is Laura Pendergest-Holt? The Baldwyn native, now 35, “had no financial services or securities industry experience” before joining SFG in 1997, according to the U.S. Securities and Exchange Commission.

Yet less than a decade later she was managing more than $15 billion in assets and running a worldwide team of equity, policy and sector analysts, Pendergest-Holt told the Memphis Business Journal in 2006.

Happens every day, right?

 

[Dawg52]

Pendergest-Holt was arrested in Houston, where Stanford Financial Group is based. The FBI said she was taken to the federal detention center and would appear in federal court Friday morning for an arraignment...
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I wouldn't mind being her prison guard.

 

[Nords]

Happens every day, right?

"Just lucky, I guess."

Was she tutored by Team Enron?

 

[Htown Harry]

Was she tutored by Team Enron?

No connection to Enron I know of.

Apparently her path to the pokey began in the same small town in Mississippi as Stanford's #2 guy. Knew him from Sunday School.

The perp walk was a relatively quiet event, as seen in this story. But listen to the disappointment in the voices of the reporters as they tell us the trial will be in Dallas, not Houston!

Houston News | Video On Demand | KHOU.com | News for Houston, Texas

 

[Texas Proud]

I never made it down to the perp walk myself, but there were a few who would go there for lunch or whatever and watch...

Once we were eating and the 'perps' walked by the window on their way there, but the reporters were at the fed building so we did not see anything different than business men walking down the street...

This also smells of a way to flip the small guy to rat out the big guy... just like they did with Enron...

 

[Htown Harry]

This also smells of a way to flip the small guy to rat out the big guy... just like they did with Enron...

Ask and you shall receive:

An artist rendering shows Texas billionaire, R. Allen Stanford, second from left, is flanked by his attorneys Christina Sarchio, left, and Maria Jankowski, second from right, during a hearing at Federal court in front of U.S. Magistrate M. Hannah Lauck in Richmond, Va. , Friday, June 19, 2009. Prosecutor Steven Tyrrell is at right.

 

[FinanceDude]

25 year-old walks in with zero experience and is Queen of the Universe a decade later. Happens every day, right?

Yeah, everyday..........

I need to start shmoozing with some Wall Street types, I'm never going to make it in the newspapers the way I'm going now........

 

[Leonidas]

I'm never going to make it in the newspapers the way I'm going now........

You just need to work on your dissocial personality skills. There's plenty of opportunities out there, but you're letting morals, ethics, and empathy get in your way! Oh, and you also have to convince yourself that you will never get caught.

I've run across way too many people who were dissocial/anti-social/sociopathic to varying degrees. They're interesting types but completely baffling. They only see what they want and how to get it and nothing much comes into play as far as I've ever been able to discern. Ask them "didn't you ever think you would get caught?" and the usual reply is "no" or just a blank stare of incomprehension.

I've run across a few big scammers over the years and they are all alike. Their actions seem audacious at first, but I think it's not bravery as much as it is that they are practically oblivious to the negative consequences of their actions - either to themselves or their victims.

 

[freebird5825]

25 year-old walks in with zero experience and is Queen of the Universe a decade later. Happens every day, right?

If we can double the age, I may have just found my new career. I think I have the schmooze down pat.
I just have to let go of my morals. NOT!

 

[Texas Proud]

You just need to work on your dissocial personality skills. There's plenty of opportunities out there, but you're letting morals, ethics, and empathy get in your way! Oh, and you also have to convince yourself that you will never get caught.

I've run across way too many people who were dissocial/anti-social/sociopathic to varying degrees. They're interesting types but completely baffling. They only see what they want and how to get it and nothing much comes into play as far as I've ever been able to discern. Ask them "didn't you ever think you would get caught?" and the usual reply is "no" or just a blank stare of incomprehension.

I've run across a few big scammers over the years and they are all alike. Their actions seem audacious at first, but I think it's not bravery as much as it is that they are practically oblivious to the negative consequences of their actions - either to themselves or their victims.

I remember a part of one interview with a murdering sociopath... one of the questions was did he feel anything at all about killing the people.. IIRC, his response was something like 'do you think anything about squashing that fly?'...

So, yes, if you have a full blown sociopath, they DO think differently than you and me (unless of course you are one)...

 

[FinanceDude]

I remember a part of one interview with a murdering sociopath... one of the questions was did he feel anything at all about killing the people.. IIRC, his response was something like 'do you think anything about squashing that fly?'...

So, yes, if you have a full blown sociopath, they DO think differently than you and me (unless of course you are one)...

Scary, he equated a fly with a human being.........sounds like Hannibal Lecter..........

 

[Leonidas]

Here's the real deal folks. Stanford arriving at the back parking lot of the courthouse in Houston.

Judge gave him a bond of half a mil in spite of the prosecutor's protests. That's not unusual, probation is always lenient in their pre-trial detention recommendations.

Dick DeGuerin is his attorney - and they don't get much better than that man. They could bring Stanford in to court with stolen money falling out of his pockets, twenty witnesses and a videotape; and DeGuerin would still have a decent chance at a not guilty verdict. This one will be a battle.

 

[Nords]

Here's the real deal folks. Stanford arriving at the back parking lot of the courthouse in Houston.

Judge gave him a bond of half a mil in spite of the prosecutor's protests.Dick DeGuerin is his attorney - and they don't get much better than that man.

Does that explain why he's [-]smirking[/-] smiling?

 

[Leonidas]

Does that explain why he's [-]smirking[/-] smiling?

It might be; DeGuerin is that good. If I ever find myself wearing the orange jumpsuit some day he's the guy I'm calling. Sell everything and go into hock, but get him on my team. When I was w*rking there were two rules on getting help when you were totally screwed; have them take me to Ben Taub Hospital only if I'm already dead, and get me Dick DeGuerin if I'm guilty as hell.

Which makes me guess that Sandford has access to some big funds somewhere. DeGuerin's services are not cheap. Somebody working for one of his associates tried to hire me as an expert witness last year for a much lower profile case. I really wasn't interested (I knew the defendant and can't stand the greasy little cockroach) so I tried to scare them off with what I thought was a ridiculous fee - they didn't even hiccup before agreeing. Stanford's legal bill will be stunning before it's all over.

Stanford's smile might be because he genuinely believes he is innocent. He has been saying that the feds only indicted him to save face and they can't possibly win.

Or, he might just be a arrogant and cocky crook.

 

[Leonidas]

Just read today's story on Stanford. His release on bond is being delayed because the prosecutor is still trying to get him detained. Stanford’s release delayed until Monday | Front page | Chron.com - Houston Chronicle

There is a video on the left side of the page that actually runs a series of brief videos on the Stanford case. First one is DeGuerin doing his thing, followed by a video of Stanford's perp walk if you're interested. Further in the series of videos is one showing Queen of the Universe Laura Pendergest-Holt with her attorney Dan Cogdell, who is right up there with DeGuerin. Both trained under the guiding hand of the famous Richard "Racehorse" Haynes. The prosecutor is supposed to be a top gun as well. The big boys are coming out to play.

 

[Htown Harry]

 

[Ed_The_Gypsy]

You just need to work on your dissocial personality skills. There's plenty of opportunities out there, but you're letting morals, ethics, and empathy get in your way! Oh, and you also have to convince yourself that you will never get caught.

Leonidas,

For me, impossible. The ghosts of my parents and my ancestors watch my every move and give me direction. (And me an atheist. ) Membership in my family has responsibilities and duties regardless of ones intellectual position. Calvinism has long arms.

 

[Nords]

For me, impossible. The ghosts of my parents and my ancestors watch my every move and give me direction. (And me an atheist. ) Membership in my family has responsibilities and duties regardless of ones intellectual position. Calvinism has long arms.

You've been able to overcome your Protestant [-]guilt[/-] work ethic to move toward ER, right?

Stanford was just taking his own personal approach to the same goal...

 

[HFWR]

Does that explain why he's [-]smirking[/-] smiling?

I heard on the news that he was now on anti-depressants, and no longer self-medicating with alcohol...

 

[Ed_The_Gypsy]

Nords,

I don't do guilt. I do responsibility. That is what gets me up in the morning. You can't imagine the strength of Dutch ghosts.

ER for me is getting off the treadmill before I die. With luck, prospects are good. Ain't had much luck lately. But, I am optimistic. The boat still floats and we all have our health.

Cheers,

Ed

 

[Leonidas]

Stanford took a beating and another potential one is brewing. Judge Dave agreed with the prosecutors and Stanford has been detained until trial. USAO 1 - Stanford 0.

But here's the juicy bit that just popped up.

R. Allen Stanford’s former chief financial officer and right-hand man at his fallen financial empire has struck a plea deal with prosecutors, his lawyer said today.

David Finn, who represents former Stanford Financial Group finance chief James Davis, said that his client will plead guilty to a crime in coming weeks as part of his ongoing cooperation with the government.

I would say that Davis seized the opportunity when he was asked, "Do you want to be a witness or a defendant?" He is charged with conspiracy and fraud, and the conspiracy charges would seem liable to lead back to Sir Allen.

Cogdell and DeGuerin responded as expected:

"If Mr. Davis committed crimes it was without the knowledge or approval of Allen Stanford, and Mr. Davis will have to answer for those crimes," said Stanford's lawyer, Dick DeGuerin.

Pendergest-Holt's lawyer, Dan Cogdell, said if Davis tells the truth he will clear her during the government's direct examination of Davis at trial."If he does otherwise, we will happily seek to develop the truth on cross examination," Cogdell said.

You can tell both these boys were trained by Racehorse Haynes:

“Say you sue me because you say my dog bit you,” [Haynes] told the audience. “Well, now this is my defense: My dog doesn’t bite. And second, in the alternative, my dog was tied up that night. And third, I don’t believe you really got bit.”

His final defense, he said, would be: “I don’t have a dog.”