Stanford victims outside of US and Antigua want justice too

CARACAS, Venezuela, Friday September 30, 2011 – A three-person organisation has stepped up to represent over 20,000 people across 112 countries who were victimised when the ponzi scheme of former Antigua-based banker Allen Stanford collapsed over 2 years ago.

Jaime Escalona, the Texas based leader of the Coalición Víctimas de Stanford América Latina (COVISAL), has denounced authorities in the United States and Antigua for what they see as a deliberate disenfranchisement of Stanford victims outside of those two territories. 

In a press release, Escalona, stated that COVISAL had sent a letter to the new Joint Liquidators of Stanford International Bank Limited Marcus Wide and Hugh Dickson on September 18, copied to the US Receiver, his litigant attorney and to the Official Stanford Investors Committee, to express its indignation at the “dishonest handling of the Stanford Ponzi scheme in Antigua and the United States”.

“Since the SEC filed the civil lawsuit against R. Allen Stanford, his companies and related parties in February of 2009, COVISAL has persistently begged the US Receiver and SIBL’s Joint Liquidators, through letters and press releases, to set aside their pettiness and economic interests in order to end the shameful game of “cat and mouse” that has wasted the Stanford victims’ patrimony in a never-ending carrousel of litigations as a result of their irrational pursuit to control the assets,” stated Escalona.

“It is unacceptable that the Courts in Antigua and the United States, in detriment to the Stanford’s victims, have allowed the Joint Liquidators and the Receiver, who were named to prevent the waste and squandering of the creditors’ patrimony, to continue fighting for the assets – duplicating costs and efforts, and hindering the possibilities of a pro rata distribution of the victims’ patrimony,” Escalona added.

COVISAL went on to accuse authorities in Antigua and the US of conspiring to allow Stanford “to keep a fraudulent financial empire alive for more than a decade”.
COVISAL’s leader went on to say: “We perceive that the case has been managed with very little transparency. We are concerned that the joint liquidators and the receiver continue to be a part of the problem and not a part of the solution. Why prolong the agony of the victims for a jurisdictional battle?”

In the letter, COVISAL’s members went on to beg the joint liquidators of and the US receiver to establish a cross-border insolvency cooperation protocol without any further delay.

COVISAL is a bi-lingual organisation administered by three of the victims with an aim to gather the 23,597 non-US victims on record, who represent more than 84% of Stanford’s victims, into a coalition. Click here to receive free news bulletins via email from Caribbean360. (View sample)