The Latin America Victims Coalition Begs For help to 71 Legislators Of The US Congress : RushPRNews - Newswire & Global Press Release Distribution

 
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The Latin America Victims Coalition Begs For help to 71 Legislators Of The US Congress

April 4, 2010

CARACAS, VENEZUELA (RPRN) 04/04/10 — The Coalición Víctimas de Stanford América Latina begs for help to 71 Legislators of the US Congress

Citizens of Latin America, victims of the pyramidal fraud perpetrated by R. Allen Stanford, represented by the Coalición Víctimas de Stanford América Latina, are begging 71 US Legislators from Congress to help them recover their savings that vilely were stolen by this U.S. citizen, in complicity with a group of US Congressmen, before the inexplicable negligence of the US regulatory agencies and, the compromising silence of the US Department of Justice (DOJ).

Jaime R. Escalona, Leader of the Coalition, confirmed the mailings of this request for humanitarian help to the following members of Congress:  

27 Senators 

John Kerry, Richard G. Lugar, Christopher Dodd, David Vitter, Mary Landrieu, John Cornyn, Richard Shelby, Kay Bailey Hutchison, Johnny Isakson, Thad Conhran, Roger Wicker, Jeanne Shaheen,  Bob Corker,  Bill Nelson, Mark Pryor, Blanche Lincoln, Richard Burr, Robert Casey, Christopher Bond, Arleen Specter, Evan Bayh, Lamar Alexander,  Jeff Sessions, Jon Kyl, Robert Menéndez, Charles Schumer, y Garrett S. Richter.

44 Representantes

 Bill Cassidy, Travis Childers, Lynn Woolsey, Charles Boustany Jr., Steve Scalice, Rodney Alexander, John Fleming, Kenny Marchant, Charlie Melancon, Allyson Schwartz, Gregg Harper,  Gene Taylor, Bennie Thompson, Dennis Kucinich,  Ciro Rodriguez, Ileana Ros-Lehtiner, Pete Sessions, Anh Cao, Ron Klein, Roy Blunt, Tim Murphy, Lamar Smith, John Boozman, Alcee Hastings, Jo Bonner, Pete Olson, Mike Coffman, John Duncan, Sue Myrick, William Delahunt, Tom Cole, John Hall, Blaine Luetkemeyer, Phil Gingrey, Lincoln Diaz Balart, Mario Diaz Balart, Tom Rooney, Elijah Cummings, Mike Rogers, Joe Wilson, Harold Rogers, Rush Holt, Brad Miller, y Tom Grady.

“It is very important to us that these 27 Senators and 44 Representatives of the US Congress have in their hands a document that explains the situation of need and hardship that thousands of innocent Latin American families are suffering because they believed in the moral ethics of the United States and the efficiency of its institutions”, said Escalona.

He also mentioned: “We know that the political support of these 71 honorable Legislators has been very valuable to the US victims, enabling the prompt recovery of their money. The Latin American victims demand equal treatment”.

In regards to the robbery of the $7.2 billion US dollars, Escalona said:For at least 10 years, R. Allen Stanford and his accomplices perpetrated a massive Ponzi scheme, cleverly orchestrated, through the sales of certificates of deposit (CDs) issued by Stanford International Bank Limited (SIBL). Of the defrauded $7.2 billion dollars, more that 78% was foreign capital (non US), which was injected into the United States to boost the depressed economy and to create jobs”. 

In regards to the profile of Latin American Depositors,  Escalona explained: “The majority of Latin American victims affected are honest people, many are elderly, ill or close to retirement who, in order to preserve their patrimony from devaluations, high inflation and the arbitrary decisions from their governments, sold their properties and along with their savings purchased certificates of deposit to ensure a monthly income to cover their medical and living expenses. Of the 27,992 clients distributed in 113 countries around the world, more than 84% are foreign victims (non US citizens)”.

In regards to Stanford International Bank Limited (SIBL), Escalona said: “Even though SIBL had its domicile in St. John’s - Antigua, the operations were controlled and administered from the United States by US citizens - subject to the jurisdiction of the US Courts”. 

In regards to the legality of the Certificates of Deposit (CDs), the Leader of the Coalition remarked: “All 27,992 Stanford’s victims were robbed of their savings with the same financial instrument: certificates of deposit (CDs) issued by SIBL domiciled in Antigua. SIBL marketed the CDs to investors in the United States exclusively through SGC (Stanford Group Company) advisers pursuant to a Regulation D private placement. In connection with the private placement, SIB filed several forms D with the SEC. For this reason the financial advisors made use of the legitimacy offered by the United States regulations to incentivize the sale of the CDs around the world”. 

In regards to Stanford International Bank Limited (SIBL) and the Law for Investment companies, the COALITION VICTIMAS DE STANFORD AMERICA LATINA asks:  “How did the SEC allow the public offering of the CDs through the use of the mail and other instruments of interstate commerce, if SIBL as the issuer of the CDs was not registered in conformity to the laws applied to a foreign country (Investment Company Act)”. 

This document from the COALICION VICTIMAS DE STANFORD AMERICA LATINA, sent to 71 Legislators of the US Congress concludes with the following considerations:

  1. That the US Government was a necessary accomplice in the perpetration of this pyramidal fraud.  Its inefficiencies and/or negligence of its regulatory agencies such as the SEC (Securities and Exchange Commission), FINRA (Financial Industry Regulatory Authority), SIPC (Securities Investor Protection Corporation), the Department of Treasury, the Board of Governors of the Federal Reserve, and dozens of state regulatory agencies of securities and banking, among others, ignored the complaints that Stanford employees began to formulate in 2001, warning of this Ponzi scheme that has ruined the lives of thousands of families around the world.
  2. That R. Allen Stanford maintained his fraudulent business thanks to the diligent participation of a significant group of unscrupulous US Congressmen who succeeded in blocking the enactment of financial laws that could have uncovered Stanford’s frauds.
  3. That the US Government through the Department of Justice (DOJ) and its related agencies irresponsibly did not act against R. Allen Stanford and his businesses, even though there was justified suspicion for more than a decade about his criminal actions.

Escalona concluded saying “The US Government must accept its role and assume its responsibilities before the Latin American victims with the immediate restitution of their patrimony that was stolen from them”.

 

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Media Contact Name: Jaime R. Escalona
Media E-mail:
Media Phone: (512) 377 9255
Company Contact Name: Jaime R. Escalona
Company E-mail:
Company Phone: (512) 377 9255
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Coalición Víctimas de Stanford América Latina

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