Open Letter to U.S. House Committee on the Judiciary on 10th anniversary of Stanford Financial Group's debacle; families get pennies and attorneys millions
COV I SAL For Restitution February 16, 2019 The Honorable Jerrold Nadler Chairman U.S. House Committee on the Judiciary 2132 Rayburn Building Washington, DC 201515 The Honorable Doug Collins Ranking Member 1504 Longworth HOB Washington, DC 20515 Ref. 10 year anniversary of Stanford Financial Group’s debacle families have received pennies; Administrators and attorneys millions. Dear Chairman Nadler and Ranking Member Collins: When Stanford Financial Group (SFG) was seized by U.S. authorities on February 16, 2009, the world changed dramatically for thousands of families in the U.S., Latin American, and other countries around the world that had invested their life savings in a promise of safety under the protective umbrella of the United States. For non-U.S. depositors it had seemed a wise decision, considering the volatile nature of many of their own governments, and it was on this principle that they were sold their certificates of deposit. They entrusted their sa...