Stanford investors lash out at IMF

CARACAS, Venezuela, Monday May 3, 2010 – The Latin America branch of the Stanford Victims Coalition (SVC) has blasted the International Monetary Fund (IMF) for ignoring requests for Antigua & Barbuda to be blocked from getting financial assistance because of the role investors believe the country played in Allen Stanford’s US$7 billion fraud.

The IMF has indicated it will provide a US$124 million to the Baldwin Spencer administration. The Executive Board is expected to give the final nod of approval at a meeting either at month-end or early next month.

The Latin American Stanford investors say the IMF is ridiculing them and has not responded to their letters.

“Why is the IMF about to award a $124 million dollars loan to the Government of Antigua, knowing that Antigua was a criminal partner of R. Allen Stanford in the perpetration of the largest pyramidal fraud in history?” questioned Jaime Escalona, leader of the Coalition.

“Why help them if its Government has not responded for the $7.2 billion US dollars that were robbed from 27,992 victims distributed among 113 countries? Why do they ridicule us so unmercifully? Why such complicity?”

He said the group had written to Managing Director of the IMF, Dominique Strauss-Khan, and other Executive Directors explaining its position and yet, the Washington-based institution appeared to be going ahead with the loan.

“It would be extremely immoral to grant economic assistance to the Government of Antigua, without first holding them responsible for compensating the victims for their losses,” Escalona insisted.

He said Stanford’s victims are also citizens of countries represented by members of the IMF and, for that reason, they have the right “to be served by the Executive Directors and obtain a timely response to our requests”.

Escalona further pressed the IMF to show solidarity with Stanford’s victims and demand that the government of Antigua and Barbuda begin the immediate restitution of the money that the financier took from investors.