COViSAL Letter to US Attorney General Pam Bondi - Urgent Request for Justice and Restitution for Stanford Victims
C O V i S A L FOR RESTITUTION, SINCE 2009 https://www.covisal.org/
March 10, 2025
The Honorable
Pam Bondi
Attorney General of the United States
U.S. Department of Justice
950 Pennsylvania Avenue N.W.
Washington, D.C. 20530
Subject:
Urgent Request for Justice and Restitution for Stanford Victims
Dear
Attorney General Bondi,
First,
let me congratulate you on your appointment as Attorney General of the United
States. We are hopeful that under your leadership, the Department of Justice ("DOJ")
will return to its founding principles of law, order, and justice for all.
We,
the victims of the Allen Stanford Ponzi scheme, represented by myself, Jaime
R. Escalona, leader of the Coalition of Stanford Victims of Latin America
("COViSAL"), respectfully write to you to draw your attention
to the continued suffering of thousands of families who lost their life savings
in this devastating fraud.
Founded
in 2009, COViSAL is a coalition that unites victims from Latin America, the
United States, and other countries in search of justice and restitution.
TD
Bank’s recent guilty plea in Case No. 2:24-cr-00667-ES-1 (United States v.
TD Bank, N.A.) underscores the crucial role that financial institutions
played in facilitating this fraud. The DOJ’s failure to act was instrumental
in allowing it to continue.
While
the $3 billion settlement with TD Bank is a step forward, we are deeply
concerned that victims of the Stanford Ponzi scheme have not been prioritized
in the allocation of these funds.
Key Concerns:
- Irreparable Harm: Victims of the Stanford Ponzi scheme, many of them elderly or vulnerable, have suffered catastrophic financial losses that have left them in desperate situations.
- Institutional Complicity: TD Bank’s role in money laundering was instrumental in perpetuating the fraud, but the DOJ has failed to hold the bank fully accountable or ensure justice for victims.
- DOJ Failure to Act: Despite receiving material information from the U.S. Receiver and the Official Stanford Investors Committee (“OSIC”) regarding TD Bank’s involvement in unlawful activities related to the Stanford fraud, the DOJ failed to inform the OSIC and the Receiver of its 2014-2023 investigation into TD Bank for money laundering. This lack of transparency and timely action not only allowed the fraud to continue, but also impacted Stanford’s victims by not being named in Case No. 2:24-cr-00667-ES-1 (United States v. TD BanK, N.A.).
- Lack of response: We, the victims, have been ignored. Following the guilty plea of TD Bank on 11/18/2024, COViSAL sent Attorney General Merrick Garland correspondence that went unanswered.
We
Demand Justice
We respectfully urge your Office to take the following actions:
1. Thorough Investigation: We demand a thorough investigation into the role of TD Bank and other financial institutions in facilitating the Stanford fraud.
2. Prioritize Victims in the TD Bank Settlement: We urge the DOJ to ensure that a significant portion of the $3 billion settlement is allocated to compensate Stanford victims through a transparent and equitable process.
3. Collaboration with Victims: Establish effective channels of communication with Stanford victims to keep them informed about the investigation process and ensure that their voices are heard in the pursuit of justice.
A
Call for Immediate Action
The DOJ's inaction has allowed those responsible for this
fraud to evade accountability for far too long. We implore your office to
prioritize this matter and take decisive action to bring justice to the
victims.
The $3 billion TD Bank Settlement represents an opportunity
to provide meaningful restitution to those who have suffered irreparable harm.
We respectfully request your immediate intervention to
ensure that the interests of the victims are protected and the necessary steps
are taken to prevent a fraud of this magnitude from occurring again.
Thank you for your attention to this urgent matter. We are
hopeful that under your leadership, the Department of Justice will take the
necessary actions to deliver justice and restore our faith in the legal system.
Please do not hesitate to contact me if you require further information or
would like to discuss this matter in greater detail.
Sincerely,
/s/ Jaime R. Escalona
Jaime Escalona
On behalf of COViSAL, since 2009
Enclosures:
1 COViSAL letter to Attorney General Merrick Garland
2 COViSAL letter to Hon. Judge Esther Salas
3 Notice of Statement
by Official Stanford Investors Committee & Examiner
