Miss. man among Stanford advisers targeted

The court-appointed receiver in charge of companies owned by troubled Texas billionaire R. Allen Stanford has filed a $40 million lawsuit against 66 former financial advisers, including one from Mississippi.

Neal Clement of Saltillo, Miss., received about $260,000 in fraudulent commissions, according to the complaint.

Stanford has said he is innocent of orchestrating what the Securities and Exchange Commission called “a massive Ponzi scheme.”

The civil case also names Baldwyn, Miss., residents James Davis, chief financial officer, and Laura Pendergest-Holt, chief investment officer, for the firm. Pendergest -Holt also faces criminal charges related to the case.

AP, Via Clarion-Ledger 4/15/9