The deadline for FTCA claims by investors of the failed Stanford Financial Group against the US Securities and Exchange Commission is now just 18 days.
Investors in the failed Stanford International Bank, a part of the Stanford Financial Group, in receivership since the arrest of Allen Stanford, who is currently in detention in Houston awaiting trial on 23 charges of fraud, have just two weeks left to submit administrative claims under the Federal Tort Claims Act against the US Securities and Exchange Commission, for their negligence in not closing down Allen Stanford sooner, despite knowing for 13 years it was likely he was operating a Ponzi scheme. Had they done so earlier many thousands of investors would have been spared the loss of their life savings.
The deadline for claims is fast approaching. Unless claims are submitted correctly and timely, and delivery receipted by the SEC before the two year Statute of Limitations expires, on the 16th February 2011, Stanford investors will be denied any recovery from the US government, forever.
Stanford investors have engaged an attorney to submit FTCA claims against the SEC. This action against the SEC is a real chance for full recovery of losses from the failed Stanford Financial Group. It will not prejudice any SIPC recovery efforts, and is open to all the Stanford investors, irrespective of nationality, or place of residence.
CLAIMS TAKE SEVERAL DAYS TO PROCESS AND MUST BE SUBMITTED CORRECTLY AND TIMELY BEFORE THE 16th FEBRUARY OR THEY WILL BE REJECTED
Any Stanford investors who have not yet decided, should contact their attorney at their earliest opportunity, or the attorney the Stanford investors have hired: Kachroo Legal Services of Cambridge, Mass, who already have considerable experience of submitting FTCA claims on behalf of the Madoff investors. Email: info@kachroolegal.com
Should any Stanford investors wish for more detail of the campaign and the various arguments, please register for our private investor’s forum, which is free of charge and available to all bona-fide investors in the failed Stanford Financial Group: http://svg.creatuforo.com/profile.php?mode=register
Showing posts with label coverage. Show all posts
Showing posts with label coverage. Show all posts
Saturday, 29 January 2011
Friday, 30 July 2010
NEWS FLASH AMERICAN INVESTORS TO GET SIPC COVERAGE
Good news for American Investors in Stanford's CD's, it now looks almost certain they will be receiving SIPC coverage. The following is an announcement made by Angela Shaw director and founder of the Stanford Victims Coalition.
SVC Members,
I am in Washington and am happy to announce that today Congressman Culberson (R-TX) introduced an amendment to the Securities Investor Protection Act (SIPA) to include extending SIPC coverage to Stanford investors. The amendment passed the subcommittee unanimously and was approved beforehand by the chairman of the subcommittee as well as the Financial Services Committee Chairman Barney Frank. The language for the amendment was written by the SEC General Counsel after a meeting with Culberson this morning. Senator Hutchison has agreed to introduce the same amendment to the same bill on the Senate side and is quite excited to do so. The appropriations bill has to pass and this language was “protected” by frank and the appropriations subcommittee. The way this all came together today in the matter of only a few hours is truly unbelievable and I will share more specifics as I get them. I just wanted to share we have our first statute and it definitely gives us SIPC coverage!
Sincerely,
Angela Shaw
Director and Founder
Stanford Victims Coalition
SVC Members,
I am in Washington and am happy to announce that today Congressman Culberson (R-TX) introduced an amendment to the Securities Investor Protection Act (SIPA) to include extending SIPC coverage to Stanford investors. The amendment passed the subcommittee unanimously and was approved beforehand by the chairman of the subcommittee as well as the Financial Services Committee Chairman Barney Frank. The language for the amendment was written by the SEC General Counsel after a meeting with Culberson this morning. Senator Hutchison has agreed to introduce the same amendment to the same bill on the Senate side and is quite excited to do so. The appropriations bill has to pass and this language was “protected” by frank and the appropriations subcommittee. The way this all came together today in the matter of only a few hours is truly unbelievable and I will share more specifics as I get them. I just wanted to share we have our first statute and it definitely gives us SIPC coverage!
Sincerely,
Angela Shaw
Director and Founder
Stanford Victims Coalition
Thursday, 19 November 2009
Stanford victim aid requested
The Louisiana congressional delegation and 40 other federal lawmakers are asking the Securities and Exchange Commission to require securities brokers and dealers to cover some of the enormous investor losses in the Robert Allen Stanford fraud case.
U.S. Rep. Bill Cassidy, R-Baton Rouge, said Tuesday the proposal is directed at the Securities Investor Protection Corp., a nonprofit established by Congress in 1970.
SIPC’s funding is provided by member brokers and dealers — and if the SEC acts on the congressional proposal, those brokers and dealers would face increased assessments.
The SEC did not immediately respond Tuesday.
The commission has absolute authority to order SIPC to provide up to $500,000 for each of the more than 4,000 Stanford investors in this country who did not work for Stanford companies, Cassidy said.
SIPC, however, has maintained the Stanford investors were not covered by the corporation.
Stanford, 59, is in federal custody in Houston, where he is under indictment for masterminding frauds that claimed more than $7.2 billion from retirees and other investors in Louisiana and other states and countries.
As much as $1 billion of that loss was suffered by investors in the Baton Rouge, Lafayette and Covington areas, according to estimates by Baton Rouge lawyer Phillip W. Preis and state Rep. Bodi White, R-Central.
“These families worked hard, saved their money, and did their homework,” Cassidy said in a written statement Tuesday. “Many were presented with evidence that their investments were covered by SIPC, and SIPC is the logical place to turn for appropriate restitution.”
Blaine Smith, a Baton Rouge resident who lost $1.5 million to the alleged Stanford frauds, said SIPC officials have denied claims by Stanford investors because most losses were deposits earmarked for an offshore bank.
But Smith said investor bank statements provide evidence that Stanford and his employees never forwarded the money to his bank on the Caribbean island of Antigua.
Instead, Smith said, investors’ money was deposited at banks in Houston, Memphis and elsewhere in the United States.
“Our money never left the country,” Smith said.
While the SIPC has denied coverage for Stanford investors, it has provided $534 million for victims of the frauds perpetrated by Bernard L. Madoff, a confessed New York criminal serving a 150-year prison term. Madoff’s frauds involved more than $50 billion.
SIPC says on its Web site that coverage provided for Madoff’s victims thus far is $14 million more than all other cases covered since the corporation’s founding in 1970.
Cassidy said in an interview Tuesday that SIPC officials justified the disparity between its treatment of Madoff and Stanford investors by reasoning that all of Madoff’s investments were fictitious.
Cassidy added, however, that the value of Stanford’s assets was equally fictitious. Cassidy said some Caribbean properties purchased for less than $70 million were inflated on Stanford ledgers by more than $2 billion.
The Baton Rouge-based lawmaker also said the SEC erred by entering a confidential consent agreement with Stanford long before his operations were shut down by the commission in February.
That agreement, Cassidy said, required Stanford to remove references to “SIPC member” from brochures provided to potential investors.
Investors would have been better protected from fraud, Cassidy said, if the SEC had issued a public announcement that Stanford had been falsely claiming his firms were SIPC members.
“Investor confidence has been shattered in the wake of numerous financial frauds over the past few years, most notably the Stanford and Madoff … schemes,” Cassidy and 48 other lawmakers said in a letter sent Tuesday to Mary L. Schapiro, who chairs the SEC.
“Accordingly, we ask for your reconsideration of SIPC coverage,” the legislators wrote Schapiro.
The letter was signed by all nine members of the Louisiana delegation, as well as nine other senators and 31 additional House members.
The group is made up of 30 Republicans and 19 Democrats from 18 state
U.S. Rep. Bill Cassidy, R-Baton Rouge, said Tuesday the proposal is directed at the Securities Investor Protection Corp., a nonprofit established by Congress in 1970.
SIPC’s funding is provided by member brokers and dealers — and if the SEC acts on the congressional proposal, those brokers and dealers would face increased assessments.
The SEC did not immediately respond Tuesday.
The commission has absolute authority to order SIPC to provide up to $500,000 for each of the more than 4,000 Stanford investors in this country who did not work for Stanford companies, Cassidy said.
SIPC, however, has maintained the Stanford investors were not covered by the corporation.
Stanford, 59, is in federal custody in Houston, where he is under indictment for masterminding frauds that claimed more than $7.2 billion from retirees and other investors in Louisiana and other states and countries.
As much as $1 billion of that loss was suffered by investors in the Baton Rouge, Lafayette and Covington areas, according to estimates by Baton Rouge lawyer Phillip W. Preis and state Rep. Bodi White, R-Central.
“These families worked hard, saved their money, and did their homework,” Cassidy said in a written statement Tuesday. “Many were presented with evidence that their investments were covered by SIPC, and SIPC is the logical place to turn for appropriate restitution.”
Blaine Smith, a Baton Rouge resident who lost $1.5 million to the alleged Stanford frauds, said SIPC officials have denied claims by Stanford investors because most losses were deposits earmarked for an offshore bank.
But Smith said investor bank statements provide evidence that Stanford and his employees never forwarded the money to his bank on the Caribbean island of Antigua.
Instead, Smith said, investors’ money was deposited at banks in Houston, Memphis and elsewhere in the United States.
“Our money never left the country,” Smith said.
While the SIPC has denied coverage for Stanford investors, it has provided $534 million for victims of the frauds perpetrated by Bernard L. Madoff, a confessed New York criminal serving a 150-year prison term. Madoff’s frauds involved more than $50 billion.
SIPC says on its Web site that coverage provided for Madoff’s victims thus far is $14 million more than all other cases covered since the corporation’s founding in 1970.
Cassidy said in an interview Tuesday that SIPC officials justified the disparity between its treatment of Madoff and Stanford investors by reasoning that all of Madoff’s investments were fictitious.
Cassidy added, however, that the value of Stanford’s assets was equally fictitious. Cassidy said some Caribbean properties purchased for less than $70 million were inflated on Stanford ledgers by more than $2 billion.
The Baton Rouge-based lawmaker also said the SEC erred by entering a confidential consent agreement with Stanford long before his operations were shut down by the commission in February.
That agreement, Cassidy said, required Stanford to remove references to “SIPC member” from brochures provided to potential investors.
Investors would have been better protected from fraud, Cassidy said, if the SEC had issued a public announcement that Stanford had been falsely claiming his firms were SIPC members.
“Investor confidence has been shattered in the wake of numerous financial frauds over the past few years, most notably the Stanford and Madoff … schemes,” Cassidy and 48 other lawmakers said in a letter sent Tuesday to Mary L. Schapiro, who chairs the SEC.
“Accordingly, we ask for your reconsideration of SIPC coverage,” the legislators wrote Schapiro.
The letter was signed by all nine members of the Louisiana delegation, as well as nine other senators and 31 additional House members.
The group is made up of 30 Republicans and 19 Democrats from 18 state