COViSAL - For Restitution
March 13, 2023
Clerk of the Court
United States
District Court
Northern District
of Texas
1100 Commerce
Street
Dallas, Texas 75242
ATN: Chamber of the Honorable David Godbey
Last
week, the U.S. Receiver for the Stanford Financial Group (“SFG”) reached an
agreement for the ludicrous amount of $1,602 million with five (5) banks,
Toronto Dominion Bank, HSBC, Société Générale (Suisse), Trustmark National Bank
and Independent Bank accused of being abettors necessary in the execution of
the Stanford Ponzi Scheme which fleeced depositors out of $7 billion.
This
settlement would potentially award attorneys more than $400 million in fees and
expenses.
When
on February 16, 2009, SFG was seized by U.S. authorities the lives of thousands
of families in the United States, Latin America, and other countries around the
world were ruined. They had invested their life savings in a promise of safety
under the protective umbrella of the United States. It was on this principle
that they were sold their certificates of deposit from Stanford International
Bank Limited.
Most
of those affected are modest elderly and/or sick in retirement. Many live on
the charity of their neighbors and others have committed suicide because they
could not alleviate the suffering due to the loss of their money.
These
families entrusted their savings to a company belonging to an American holding
company, regulated and supervised by U.S. regulatory agencies. However, this
trust was repaid with a betrayal that resulted in devastating losses.
During
the last fourteen (14) years, the attorneys for the Receivership have been very
well compensated with more than $400 million, while the affected families have
received pennies for every dollar invested.
Approving
this Settlement of $400 million in attorneys' fees on top of the $400 million
already paid to the Receiver and his team of professionals is exorbitant.
Faced
with our significant losses, we plead for a fairer resolution.
/s/ Jaime R Escalona
Jaime R. Escalona
On behalf of COViSAL
