Stanford and his co-defendants are charged with wire fraud, mail fraud, conspiracy to commit mail, wire and securities fraud and conspiracy to commit money laundering.
Stanford, Pendergest-Holt and King are also charged with conspiring to obstruct a Securities and Exchange Commission investigation and obstruction of an SEC investigation.
The indictment charged Stanford and the others with falsely claiming to have grown $1.2 billion in assets in 2001 to roughly $8.5 billion by the end of 2008. The operation had about 30,000 investors, officials said.
Investigators say even as Stanford claimed healthy returns for those investors, he was secretly diverting more than $1.6 billion in personal loans to himself. The indictment also says Stanford and the other executives misrepresented the Antigua island bank's financial condition, its investment strategy and how it was regulated.
James Davis, 60, Stanford Financial Group's chief financial officer, faces similar charges in a criminal information. He is due in court July 1. He has been cooperating with investigators.
A separate indictment in Florida accused another Stanford worker, Bruce Perraud, of destroying records important to the investigation.
The SEC filed a lawsuit in February accusing Stanford and his top executives of committing crimes similar to those in the indictment.