COALICION VICTIMAS DE STANFORD AMERICA LATINA (COViSAL)
** English Version **
November 12, 2012
To: Stanford's victim (COViSAL)
From: Jaime R. Escalona
Subject: Update from COViSAL – November 12, 2012
Dear friend,
This message is to inform you that COViSAL’s writings are very
important to many families affected by Stanford’s fraud. The letters and
communications that I persistently send to the responsible authorities take
effect; not with the speed we want; however, its impact is cumulative, and will
bear fruits soon; In God's perfect timing. I will continue to demand justice and
equity for all, firmly but professionally. We all must have faith.
The open letter, dated November 8, was also sent to Judge David Godbey,
Judge David Hittner, Judge Mario Michel of the High Court of the Eastern
Caribbean, the U.S. Department of Justice (“DOJ”), the Securities and Exchange
Commission (“SEC”), the Office of Serious Fraud (“SFO”) in the U.K., to Senators
and Representatives of the U.S. Congress; additionally, to the media, among
them CNN, Washington Post, Wall Street Journal, Houston Chronicle, Dallas News,
and others. Probably, the latter organizations are not
interested in publishing the letter, because our case is not hot news anymore,
and even less in publishing it, gratis. Nevertheless, we are creating a conscience
about of our situation, and our fight for the recovery of our patrimony; stolen
under the indifferent eye of the regulator and supervisor of the United States
financial market.
In reference to the Summit in Washington, D.C., after the first meeting, the Joint Liquidators, the U.S. Receiver, DOJ, the
Investors Committee and the SEC, apparently had other meetings, and they are close
to reaching an agreement to resolve disputes, a cooperation agreement, cost
reductions and a claim's process consolidation. We are waiting for official news.
Concerning the civil lawsuits, it is important to point out that a
few years ago, all legal actions, related to Stanford, were centralized by
Judge David Godbey in his Federal Court in Dallas. The high volume of the
lawsuits created a bottleneck, and cases were at the mercy of a slow and
insensible administration. Finally, under pressure by the Official Investors
Committee, Judge Godbey recently agreed to assign a few cases to a Federal
Magistrate. (A Federal Magistrate is a judge named by the Federal District
Judge to help him with case loads. The Federal Magistrate typically presides
over preliminary hearings and also can consider petitions, but they cannot take
final decisions on the cases.) It is expected that the Federal Magistrate now
would expedite the cases to move them forward more quickly. In the following
days, we hope that the Official Investors Committee will issue a report with
more details.
In relation to the sale of claims, please be aware that in addition
to Stanford’s former financial advisors and agencies besieging innocent and
unaware families; now, law firms are touring Latin America, in search of
victims to induce them to sell their claims. The former Stanford’s financial
advisors are presenting a “pyramidal recovery plan” with a suspicious
aggressive fund; they charge you a fee to join the program. The agencies buying
claims are offering between 5 to 11% of the total amount of the approved and
certified claim. The law firms prowling around in Latin America are putting
together a group of clients in order to negotiate with “funds," the
purchase of the debt. It is obvious; these types of individuals are business
people, and their main objective is to fatten their pockets.
It is important to consider that if you sell your claim to any of
these individuals or to a possible “fraudulent package," you are giving up your
rights to any and all claims related to Stanford. You will forever be excluded
from any economic relief, recovery or distribution; including class action lawsuits. The needs of each person are different, and you should be very cautious.
Consult with a family member or a trusted attorney before you sign any
documents. The current offers being made, to buy claims, are very inferior to the
total of the recovery from the distribution of the frozen money in
Europe and Canada, the money in possession of the Receiver, and the money to be
recovered from the lawsuits.
I am working on a very
compelling communication about the reality of so many suffering families.
Please send me your personal history about how this fraud has affected you and
your family. I will keep your personal information confidential.
Let us continue ahead
with faith and positivism. We will accomplish
our objective with willpower and perseverance.
Thank you for your
support.
Jaime
Jaime R. Escalona
Director
Coalición Víctimas de Stanford América Latina (COViSAL)
Twitter:
@COViSAL
Caracas: (0412) 617 2438
(0414) 377 5898
Con DIOS,
superaremos todos los obstáculos.
With GOD, we'll
overcome all obstacles
La labor de COViSAL es de índole investigativa,
informativa y de difusión. NO debe interpretarse como asesoría
legal.
The nature of the work of COViSAL is research, information and
dissemination. It should NOT be interpreted as legal advice.