Laura Pendergest-Holt, the first person arrested in the $8 billion Allen Stanford fraud investigation, can walk free once she posts $300,000 bond

Laura Pendergest-Holt, the first person arrested in the $8 billion Allen Stanford fraud investigation, can walk free once she posts $300,000 bond, a Houston judge ruled on Friday.

Pendergest-Holt, the 35-year-old chief investment officer for the Stanford Financial Group who was arrested by the FBI on Thursday, spent the night in a Houston detention center, then faced U.S. Magistrate Judge Mary Milloy in court.

U.S. prosecutors had asked the judge to set bond at $1 million, an amount that Pendergest-Holt's attorney, Dan Cogdell, called "outrageous."
While agreeing it was a serious case, Milloy lowered the amount to $300,000 and ordered Pendergest-Holt, who appeared in court dressed in a dark pants suit and heels, to wear an electronic tracking device after her release.
The tall, slender brunette appeared grim for most of the hearing but occasionally turned in her chair to smile at her husband, equity fund manager Jim Holt.FBI agents had arrested her at Stanford's Houston-based headquarters and accused her of obstructing an investigation by the U.S. Securities and Exchange Commission into what the agency called "massive ongoing fraud" by Stanford Financial Group Chairman Allen Stanford and three of his companies.The developments could signify that prosecutors are closing in on the Texas billionaire, who has dual U.S. and Antigua Barbuda citizenship and has been a prominent sponsor of cricket, golf, tennis and polo events.Under questioning from Pendergest-Holt's lawyer, FBI agent Vanessa Walther said there is no arrest warrant for Stanford and he is believed still to be in northern Virginia, where he was served court papers last week.