The complaint against Pendergest-Holt said she failed to tell investigators she had served on the Antigua bank\’s investment committee and that the investment portfolio holding more than 80 per cent of its assets included a $1.6 billion loan to Stanford "Executive A" – evidently Stanford himself.
It said Pendergest-Holt also wrongly denied she had prepared with company officials before her SEC interview on Feb. 10 and said a Stanford attorney had sought to keep the top executives from being questioned.
The complaint details sometimes stormy preparation sessions for Pendergest-Holt in January and February during which the bank\’s shaky asset base became apparent to a wider circle of officials and to the lawyer – "Attorney A" – who later quit.
During those preparations, the complaint said, Pendergest-Holt and other officials learned of the $1.6 billion loan and that $541 million credited as a capital contribution in December 2008 consisted of assets already bought by the bank just months before for $88.5 million.
It described "Executive A" – Stanford – as "pounding the table" and insisting "the assets are there."
Did they really not know?