Stanford Execs Return to Miss. Hometown

MEMPHIS, Tenn. – You might consider it the home base for embattled Stanford Financial. CEO Robert Allen Stanford is accused in an $8 billion fraud scheme.

Baldwyn, Mississippi, is about 110 miles away from Memphis. It’s also home to Stanford Financial’s recently arrested chief investment officer Laura Pendergast-Holt and Jim Davis, chief financial officer. You might consider the town home base for embattled Stanford Financial.

With the catastrophic collapse of the Stanford firm, they are being pilloried as the latest symbols of financial greed in America. But, the residents of one southeast Mississippi town insist that from what they know, it hasn’t all been about the money for two of the key figures in the international scandal.

You won’t and probably never will read some scathing editorial or written cry calling for public outrage against their actions. The “Baldwyn News” is happy to not be that kind of newspaper anyway. While the rest of the country, including Memphis, expresses it’s loathing for those executives allegedly involved in the apparent financial collapse of the scandal-ridden investment firm the Stanford Group, the Mississippi hometown of two of the key figures named in the federal criminal investigation remains ready to live it’s motto as a “City on the Move.”

Located on the border of Prentiss and Lee Counties, about 110 miles southeast of Memphis, the town of 3,500 has economically struggled. But, it’s been more than grateful to natives and long time residents James Davis and Laura Pendergast-Holt, who mayor Danny Horton credits with being the driving forces behind the town’s recent effort to improve the downtown area. The town received money not from Stanford’s coffers, but from the pair’s own contributions.

While Davis and Pendergast-Holt, the chief executives of the company in Memphis, may stand on the verge of federal indictments along with the firm’s founder R. Allen Stanford, who alleged bilked investors calling for their heads and a multi-billion dollar empire crumbling around them, the duo has reportedly taken quiet refuge back in Baldwyn.

They’ve disproved the adage that you can never go home again.

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2 Responses to “Stanford Execs Return to Miss. Hometown”

  1. tupelobizbuzz Says:

    Glad to see you made changes to the original report from the memphis Fox station that royally screwed up some details in the story. The reporter wrote that it was an $800 billion fraud and that Baldwyn was in Southeast Mississippi.
    Those Memphis folks try hard, though!

  2. tupelotalk Says:

    Thanks for noticing Bizbuzz

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