(CNN) -- The chief investment officer of the firm headed by financier Alan Stanford, who is accused in an alleged $8 billion fraud scheme, was arrested and charged Thursday in Houston, Texas.
Allen Stanford sponsored high stakes cricket matches in the Caribbean.
Laura Pendergest-Holt, the third-ranking executive of the Houston-based Stanford Financial Group, was taken into custody by FBI agents and charged with obstruction of a government proceeding.
The Justice Department late Thursday said Pendergest-Holt will appear before a federal magistrate in Houston Friday.
The complaint alleges Pendergest-Holt made "several affirmative misrepresentations" to SEC investigators seeking information on what she knew about a scheme to defraud investors and account-holders of billions of dollars in deposits.
The complaint says the executive failed to tell the truth on several occasions during the course of the investigation.
The complaint alleges Pendergest-Holt met in February with several SFG corporate officers in Miami, Florida, to prepare for her upcoming testimony the week before she was scheduled to testify before the SEC.
She allegedly discussed the bank's "Tier III" portfolio, using a pie chart that showed a $1.6 billion loan to a shareholder.
The following week, she made several affirmative misrepresentations under oath in order to obstruct the investigation and failed to reveal she met with SFG corporate officers in Miami to prepare for her testimony.
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