US pressures Antigua over Stanford debacle

One motion is still awaiting a vote, but another resolution has been introduced in the US House of Representatives to pressure Antigua and Barbuda into co-operating with Allen Stanford’s jilted investors. Congressman Mike Coffman of Colorado piloted the resolution asking the United States Secretary of the Treasury to direct the International Monetary Fund and the World Bank to block funding to the Antigua and Barbuda government. This action comes on the heels of a similar Senate Resolution sponsored by eight US senators in December 2009, which is now pending a vote by the Senate Foreign Relations Committee. This latest resolution, however, also demands Antigua release to the US Receiver overseeing the liquidation of the Stanford estate the 49 properties it has taken actions to expropriate, and repay the loans made by Allen Stanford or any Stanford entity as well as “payments made to officials of the government of Antigua and Barbuda for the purpose of subverting regulatory oversight.”

It has been referred to the US House of Representatives Financial Services Committee for a vote. This latest action is part of the efforts by the Stanford Victims Coalition (SVC) to force the Baldwin Spencer administration into giving back to the investors what they lost in Stanford’s alleged multi-billion dollar Ponzi scheme. In addition to seeking the support of US politicians in their efforts, the group recently launched a campaign urging a boycott of tourism and investment in the twin-island nation. “When Antigua is ready to make things right and release the assets that were purchased with Stanford victims’ investments, the SVC will stop its efforts to expose Antigua for its corrupt actions,” said Angela Shaw, the SVC’s executive director and founder. “When the crime stops, so will we.

Until then, we will pursue every effort we possibly can to warn potential tourists, developers and investors about the dangers of Antigua.” “This is a very serious matter and in over a year since the Stanford fraud was exposed, the government of Antigua and Barbuda has not publicly acknowledged Stanford investors or shown any level of sympathy or remorse—or worse—its intention to address the devastation this crime has inflicted on innocent people from around the world,” Shaw added. The Antigua and Barbuda government has not offered a response to the latest resolution introduced in the US House of Representatives.