When to turn state’s witness

Before you spend several hours lying to the S.E.C.  This young woman could probably have skated from her close association with our latest recent Ponzi, Stanford Financial, but thought she could lie her way through. That’s usually a poor decision. You can see what her lawyer thought of her behavior in the second paragraph, below:

According to the F.B.I. affidavit, during the meeting “executive B,” or Mr. Davis, gave her a data drive showing that the Tier III asset group included more than $3 billion in real estate holdings and $1.6 billion that turned out to be a “loan to shareholder,” believed by those present to be Mr. Stanford. The information shocked and upset a number of executives present, all of whom had been told time and again that the firm’s investments were legitimate. A number of them are now cooperating with government investigators.

In her S.E.C. testimony, however, Mrs. Pendergest-Holt did not reveal these details, despite repeated questioning. Thomas V. Sjoblom, a lawyer with Proskauer Rose who represented the firm and who was present during Mrs. Pendergest-Holt’s testimony before the S.E.C., withdrew his counsel the day after her testimony. Two days later, Mr. Sjoblom, who had spent 20 years with the S.E.C. before entering private practice, disavowed all previous oral and written representations he had made to the S.E.C. on behalf of the firm.

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2 responses to “When to turn state’s witness

  1. Walt

    This stuff is CLASSIC. Who invests in CD’S at twice the market rate? Those folks deserve to lose their money, and the people who sold them deserve to go to jail. They were dealing with no brain rednecks from Texas for Pete’s Sake. Check them out. It’s all available on-line.
    FGG investor’s, on the other hand, dealt only with blue-blood, Waspy Greenwich types, who in turn, dealt only with well credentialed, tried and true NY Jews. You can’t be faulted for that. It’s a can’t miss, right? Absolutely.
    Which is why that little hottie Ms Prendergast-Holst is in jail. She dealt with the wrong people. Us folks at FGG didn’t do that. So no subpeona’s for us. We took the high road. As all our investor’s would expect. But we don’t hold grudge’s, and when she is out, we have a job for her. We like the horse teeth, for some reason, and we can manage the twange.
    So all you whiners, realize that if we did something wrong, we would have been hit with a subpeona, right? But we haven’t even heard from the SEC. Heck, we can hardly spell SEC, what with the Alzheimer’s and all.
    Gotta go. Driving over to South Beach. Sales have been somewhat slow recently. This economy is killing me. Need to add some hotties to the sales team. Three words Chris – NEED BAR’S Number.
    Your Pal,
    Walt

  2. Old Coot

    Walt: Judging by the photo @ the link, the true hottie is the officer escorting Ms. Prendergast-Holst. And as an aside, this is further proof that one should never trust someone with a hyphenated surname.