CaribWorldNews, WASHINGTON, D.C., Thurs. July 16, 2009: The many victims of the alleged ponzi scheme, perpetrated by U.S.-born, Antigua-resident, Sir R. Allen Stanford, are now appealing to President Barack Obama for help.
Stanford Victims Coalition members this week ran a full-page, open letter ad in the D.C.-edition of the Wall Street Journal, urging Obama to find a way to help them recover from the alleged fraud.
`We are not asking for a bailout. We simply want to get back what is rightfully ours,` the letter says, while adding: `The Stanford scandal has devastated the lives of thousands of victims from around the world including 35 states in the US and 60 countries. The victims are people who did everything right and our life`s savings totaling $7.2 billion is now gone. We are retired school teachers, war veterans, small business owners, and honest, hard-working people who took every possible step to ensure the safety of our retirement funds. We did not simply make bad investments. We relied on the information provided by our financial regulators and our licensed financial advisors – all of which pointed to a healthy and growing American financial institution.`
The group also slams `multiple US government agencies,` which it said ` had knowledge of Stanford`s alleged fraudulent business practices and corruption within the government of Antigua, yet Stanford investors were never warned. `
`The US State Department, the Department of Justice, the US Treasury, the SEC and FINRA all had considerable evidence to warn investors and to take actions to protect investors dating back to at least 1999,` states the letter.
`We ask the US government to explore all options to help Stanford victims recover their losses and to address the legislative need for compensation for those who suffer catastrophic losses when compliance requirements are not appropriately enforced by government regulators,` ended the letter.
The same group has also filed a multi-billion-dollar lawsuit against Antigua, home of the Stanford International Bank. Antigua and Barbuda`s Attorney General, Justin Simon, says his `government will certainly have to defend the suit wholly.`
Flamboyant financier and cricket mogul, Stanford, through his Stanford Financial Group and Stanford International Bank of Antigua, is accused of perpetrating a $7 billion ponzi fraud, with the help of at least three other officers of the company and the former head of the Antigua Regulatory Commission. Stanford remains jailed until his trial next month in a Texas detention facility while the others are free for now. Stanford has insisted he is innocent of all charges.