Stanford faced internal chaos before SEC swooped

[formercia]



http://www.reuters.com/article/topNews/idUSTRE51I05A20090219

Stanford faced internal chaos before SEC swooped

Thu Feb 19, 2009 5:27pm EST
By Martha Graybow
NEW YORK (Reuters) - Nearly four months ago, an employee at Texas tycoon Allen Stanford's financial empire told the company's investment chief a big customer was preparing to yank his money if he did not get assurances his funds were safe.
"Laura: I badly need your help," Oreste Tonarelli wrote in an October 25 e-mail to Laura Pendergest-Holt, chief investment officer of Stanford International Bank. The client "is getting every day more concerned" and is "planning to withdraw his money unless I have convencing (sic) arguments that his money is safe."
After saying she would consult with Chief Financial Officer James Davis to answer the client's concerns, Pendergest-Holt tried to assure Tonarelli that Stanford's portfolio and capital condition were solid.

--snip--

May I have extra butter on my popcorn, please?