Allen Stanford Convicted in Houston

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Allen Stanford, whose company, Stanford Financial, had a big presence in Memphis including sponsorship of the PGA golf tournament, was convicted of fraud Tuesday in Houston.

The New York Times reported that Stanford was convicted on 13 of 14 counts in the jury trial in federal court. The star witness against him was his former college roommate James M. Davis, whose home is in Baldwyn in northeast Mississippi and who worked out of Stanford Financial's former office in East Memphis.

The office was raided in dramatic fashion by federal regulators. One of the key employees of the firm was Davis protogee Laura Pendergest Holt, also formerly of Baldwyn.

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