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Open Letter from COViSAL to Honorable Judge Esther Salas Case No. 2:24-cr-00667-ES-1. United States v. TD Bank, N.A.


COViSAL  for Restitution, since 2009

November 6, 2024

To the Honorable Judge Esther Salas and all attorneys involved in Case No. 2:24-cr-00667-ES-1. United States v. TD Bank, N.A.

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 united thousands of families in Latin America, the United States, and worldwide since 2009; who lost our life savings, urge the Court to consider the following points before issuing its ruling:

  • Irreparable damage: Stanford's victims have suffered devastating economic losses and many of them are in a precarious financial situation, unable to afford necessities such as medical treatment and sustenance.
  • TD Bank's responsibility: TD Bank played a critical role in the Ponzi scheme by facilitating money laundering, directly contributing to the harm inflicted upon thousands of investors.
  • An inexplicable and unacceptable Omission. The Department of Justice ("DOJ") received substantial information from the U.S. Receiver and its counsel regarding TD Bank's involvement. Yet, the DOJ failed to inform the Official Stanford Investors Committee ("OSIC") or the U.S. Receiver about its investigation into TD Bank’s money laundering activities.
  • DOJ’s Failure: The DOJ's failure to promptly investigate TD Bank's involvement allowed the fraud to continue for years, exacerbating the victims’ suffering.

A Call for Justice. COViSAL demands that the DOJ fulfill its duty and collaborate with Judge Esther Salas to ensure that the $3 billion in fines levied against TD Bank, N.A. (TDBNA) and its parent company TD Bank US Holding Company (TDBUSH) is allocated to the devastated victims of Stanford.

We implore the Court to recognize the severity of this matter and deliver justice. The victims of the Stanford fraud deserve compensation for this heinous crime.

/s/ JaimeR. Escalona

Jaime R. Escalona                         
On behalf of COViSAL for Restitution, since 2009
jaenrodes@covisal.org
https://www.covisal.org/

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