November 18, 2024
Attorney General of the United States
U.S. Department of Justice
950 Pennsylvania Avenue N.W.
Washington, D.C. 20530
Subject: TD Bank Pleads Guilty and Stanford's victims who have been made
invisible cry out for justice.
Dear Attorney General Garland,
We, victims of Allen Stanford's Ponzi scheme, represented by Jaime R. Escalona, leader of the Stanford Victims Coalition Latin America ("COViSAL"), a coalition that has brought together thousands of families from Latin America, the United States, and around the world since 2009, urgently renew our plea for justice and restitution. The Department of Justice’s ("DOJ") failure to act against the financial institutions that facilitated the fraud has prolonged our suffering.
We draw your attention to COViSAL's
November 6. 2024 letter to the Honorable Judge Esther Salas in Case
No. 2:24-cr-00667-ES-1. United States v. TD Bank, N.A., [United States District
Court for The District of New Jersey]. This letter starkly outlines
the devastating consequences of the fraud on countless families.1
Key Points from COViSAL's
Letter
· Irreparable Harm: Stanford's victims have endured catastrophic financial losses, leaving many of them in a situation of extreme vulnerability.
· TD Bank's Complicity: TD Bank's role in facilitating money laundering was pivotal in perpetuating the fraud and inflicting immense harm upon thousands of investors.
·
An Inexplicable and
Unacceptable Fact": The Department of Justice (“DOJ”)
had received substantial information from the U.S. Receiver and his
attorney detailing TD Bank's involvement in the fraud. Despite this
knowledge, the DOJ failed to inform the Official Stanford Investors
Committee (“OSIC”) or the U.S. Receiver that they were
investigating TD Bank for money laundering.2
·
Failure by the Department of
Justice: The DOJ's failure to
timely investigate TD Bank's involvement allowed the fraud to continue
for years, compounding the suffering of victims.
Demands
In light of this new
information, we ask the Department of Justice to:
1. Thoroughly investigate collaboration between TD Bank and other financial institutions: It is imperative to determine which other financial entities were involved in money laundering and whether they helped perpetuate the Stanford fraud.
2. Demand fair compensation for victims: The $3 billion that TD Bank will pay in fines should largely go toward compensating victims. Establishing a transparent and equitable mechanism for the distribution of these funds is critical.
3.
Collaborate with victims: It is essential that the Department of Justice establish effective
channels of communication with Stanford victims. Keeping them
informed about the progress of the investigation and ensuring that their voices
are heard is their right.
The Department of Justice's
inaction has allowed those responsible for this fraud to escape the
consequences of their actions. It is time
for justice to be done and for Stanford victims to receive the
compensation they deserve.
We respectfully request your immediate
intervention to ensure that the interests of the victims are protected and that
the necessary measures are taken promptly to prevent fraud of this
magnitude from happening again.
Sincerely,
/s/ Jaime R. Escalona
Enclosures:
