COALICION VICTIMAS DE STANFORD AMERICA LATINA (COViSAL)
An Open Letter to the Authorities responsible for the
Stanford Case:
18-year-old
Stanford victim dies.
November 27, 2012
Dear Sirs,
We, victims of the fraud perpetrated by R. Allen Stanford and his
accomplices, are gathering to defend our rights through the Coalición Víctimas
de Stanford (COViSAL), and respectfully
address you to demand justice.
Almost four years have passed since
the Stanford’s debacle destroyed the lives of thousands of innocent families
around the world. So far, the only beneficiaries are the attorneys and their
professionals managing the receivership and the liquidation – receiving more than $150 million in fees and
expenses – while the victims have received zero economic relief.
Latin American victims are the largest defrauded group; 15,270 families,
representing 70.24% of depositors with more than $4 billion in losses who
entrusted their savings to a company belonging to an American conglomerate
regulated, and supervised by the U.S. Regulatory Agencies. The majority of Stanford’s
victims are modest people; families with children or teenagers with special
needs. Many are elderly, ill or close to retirement; unable to pay for their
critical medical treatments and living expenses. Our fourth Christmas is approaching, and we have not received any distribution of our stolen savings. This
is a long time for the thousands of victims who are immersed in agony and
desperation because of their loss. Many continue to die while waiting in vain
for even a small portion of their savings to be returned in time for
life-saving operations, or treatment of cancer, and other life-threatening
diseases. Latin American victims feel ignored and discriminated against.
COViSAL regularly receives emails and phone calls from desperate families
asking for help. I am enclosing the following heart-breaking letter:
“My youngest son, Luis, was diagnosed with a congenital aortic stenosis. Since
he was born, we treated him at the Texas Children Hospital in Houston. We were
always confident that when the time came to operate our beloved son, we could
do it at the Texas Children’s Hospital, and would pay for it with our savings deposited
at Stanford. Luis was 18 years-old, and just graduated from high school. He was
getting ready to start college to study veterinary. Now, the operation was
necessary to correct his cardiac insufficiency because he was getting tired a
lot. We requested a cost estimate to the Texas Children’s Hospital for his
operation. It was in the order of $250,000. Because of this, on August 25, 2011, I wrote a letter to the Joint Liquidators, Marcus
Wide and Hugh Dickson explaining my situation. I enclosed my son's medical exams and the hospital's
cost estimate for the operation. The only response that I received was: ‘Dear
Customer, we are very sorry to know that you are confronting that difficult situation.
Unfortunately, at this juncture of the Liquidation, it is not possible to
estimate the time or what amount of the funds would be available to distribute
to creditors. More details about the advances of the liquidation process will
be available in due time and published in the Website of the Liquidators:
http://www.sibliquidation.com/news/.
Creditors must monitor the site for information. Sincerely, in
representation of Marcus Wide and Hugh Dickson, Joint Liquidators.’
In view of this response, and because my beloved son needed the operation, I
decided to operate him in Caracas, Venezuela. I am thankful for the excellent
support from doctors, the clinic and the disinterested help from the Fundación
de Todo Corazón Richard Gibson. On September 27, 2011, my son was operated. He
came out perfectly from the surgery. We paid for it with the scarce funds we
had, our credit cards, and the help of our family.
My family and me were so happy to see our son healthy. The world was filled
with joy. Luis was very excited and optimistic about starting his college
career in veterinary. Animals and all pets were his primary interest and dream.
As a matter of fact, after Carnival Tuesday, Luis went to the university on
Wednesday, February 23, 2012 to pick up all the requirements for his college
registration in the field that he selected as first option in his college
application, Veterinary. I was truly thankful to God because my kid was so full
of hope and promise for the future. We did not care about the debt we had with
our credit cards, and with our beloved family. On February 23, 2012, at 6:30 p.m.,
Luis and his older brother went to a routine swimming practice, supervised by a
trainer. Unfortunately, our son Luis died during the practice. It seems that he
suffered a heart attack. We do not know exactly what happened to him. We
decided against an autopsy; now for what, if they weren’t going to revive my
beloved son.
I often asked myself, if we’d had our savings deposited at Stanford
International Bank available, we could have operated him at the Texas Children
Hospital, with the cardiologists who treated him since he was a child; maybe,
my son would be alive today. However, because of the robbery committed by Allen
Stanford and his directors, our beloved son Luis is no longer with us. For that reason, I hold, R. Allen
Stanford, his directors and abettors, also the Joint Liquidators, Marcus Wide
and Hugh Dickson, and the British company Grant Thornton, responsible.”
There are many more heart-breaking stories of families in Latin America and
other countries suffering a great deal as a result of this horrendous fraud.
However the saga drags on for the Stanford’s victims. Litigation and delays of
an agreement between the Joint Liquidators (JLs) and the U.S. Receiver (which could
otherwise speed up the first distribution of the available money) continue to
generate fees for them, their attorneys and their professionals with total disregard, and complete indifference
for the victims' pain and suffering –many poor and abandoned.
Three months have passed since the Summit in Washington, D.C., mediated by
the Department of Justice (DOJ), took place. The goal was to reach a global
resolution to put an end to the current disputes among the aligned parties in
the Stanford case. Their main objective: to assist the victims of the Stanford
fraud. Other meetings were held at later dates, and an agreement has not been
reached yet. We ask: What is happening at the negotiations? Why is it so hard
to reach an agreement? Is it the money…? The $330 million? What actions are being
taken that consider the best interest of the victims? What is being done to
maximize our recovery in the shortest time possible? Why continue to disregard
the fact that this crime is causing victims to die by the continued delay of
any restitution of their stolen money? We ask for transparency, equity, and the
end of self-serving interests.
We appreciate the
interest and commitment of the Asset Forfeiture and Money Laundering Section of
the U.S. Department of Justice in participating in the oversight of the claim's
process and the Distribution Plan; and in having a voice in the determination
of the reasonableness of total asset recovery charges in order to make sure
that the costs of this process are reasonable to preserve the greatest amount
of assets for the victims. We want the $330 million of our savings, confiscated
in the United Kingdom, Switzerland and Canada, distributed to the victims,
holders of CDs from Stanford International Bank, Ltd. (SIBL), in a direct,
efficient and economical way; regardless of nationality or location, and
without appeals, retention of money for uncertain real estate developments in
Antigua, further litigation, more legal fees and expenses, or payments to
intermediaries - including the Internal Revenue Service (IRS) of the United
States. These funds are all that remains of our savings and must be returned to
the rightful owners. Why do attorneys continue to get rich with the stolen patrimony of the
victims? Why continue to misuse what it is left of our savings? Why do innocent
families have to assume all the risk?
In many occasions, we have asked the Official Stanford Investors Committee,
which supposedly represents all Stanford investors’ interests worldwide in the
legal proceeding, to step forward, and to voice our cry and concerns expressed
in our communications to the Court, to keep us informed of the advances and
recovery efforts, to show us the real picture of the litigation, to update us
on the claim's registration process, and to give us a definite date for the first
distribution; however, we have not received an official response and continue
to wait for clear and concrete answers.
Because of its implications, the Stanford Case is a theme of ethics and
morality before the world economies that transcends the financial arena to a political
one tainted by the lack of ethics. For this reason we are convinced that if
this monstrous fraud (operated with impunity for more than a decade in and from
the United States) is not resolved expediently and satisfactorily with equality
and equity for all the victims, the
worldwide discrediting of the United States for securities' fraud will deepen
and the distrust in its financial sector will increase even more. The fairness
and balance of the U.S. legal system will be questioned globally in a most
grave manner.
On December 21, 2011, at the hearing with the Joint Liquidators and the
U.S. Receiver, Judge David Godbey said to the attorneys: “I’m sad to hear the
mediation didn’t work; I'm sadder that the money going to this to pay lawyers
is not going to compensate the victims.” A year later, after Judge Godbey’s comments,
the Stanford’s victims have not received a penny, and the attorneys managing
the case continue to get rich with the remnant of our stolen savings. It is
time that the victims, of this horrendous crime are taken into account, and
receive an immediate distribution of the available assets.
COVISAL hopes that the authorities responsible for the Stanford Case make
their principles coincide with their actions and show the world, with concrete and immediate actions, their
commitment to honesty, equality and justice. Just like Luis, many people have
died for not having their life savings available to pay for life-saving
operations. Many families urgently need their money to pay for operations, medical
treatments, and living expenses. You must
not ignore the cries and suffering of the innocent victims.
We pray to God that without further delay, the rights of the victims will
prevail over the judicial manipulations, and good conscience will be the
instrument to impart justice.
Stop letting us down.
Jaime R. Escalona
On behalf of COViSAL
