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Indicted Stanford Exec Sues Attorneys

HOUSTON (CN) - Its former chief investment officer accused the Stanford Group, its general counsel Mauricio Alvarado, the Proskauer Rose law firm and its attorney Thomas Sjoblom of malpractice and conspiracy. Laura Pendergest-Holt claims that "the night before Sjoblom met with plaintiff to allegedly prepare her for her testimony before the SEC, Sjoblom had solicited a multi-million dollar retainer from Allen Stanford to represent him personally."

Pendergest-Holt claims that Alvarado and Sjoblom misrepresented themselves as acting in her interest, not the Stanford Group's adverse interests, in preparing her to testify to the SEC about the Stanford Group's alleged $8 billion Ponzi scheme.

She says that as a result, she gave sworn testimony to the SEC that caused her to be arrested and charged with felony obstruction.

She claims that Alvarado told her that it was not necessary for her to obtain counsel to represent her personally. She claims that Sjoblom too told her "that he could sufficiently represent her interests."

She claims, "It is obvious now that defendants' actions were a clear attempt to protect other principals within the Stanford Group, to the detriment of the plaintiff's interests."

Pendergest-Holt is represented in Harris County Court by Anthony Buzbee.

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