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Jaime Escalona's Testimony at Stanford's Sentencing


June 14, 2012

Jaime Escalona’s Testimony during the Sentencing Hearing of Allen Stanford at the US District Court in Houston

Honorable Judge Hittner,

Thank you for allowing me to speak here today.

My name is Jaime Escalona, I am the Director of the Coalición Víctimas de Stanford América Latina (COViSAL), I am here today to speak on behalf of my family, the families of members of COViSAL, and all other families whose lives have been destroyed by the actions of Mr. Stanford and his accomplices.

COViSAL consists of more than 500 duly registered families, over 1,000 unregistered members and many followers with total CD losses in the hundreds of millions of dollars.

There are a staggering number of families across the world that have been affected by Stanford’s scheme - in Venezuela (10,432 families), United States (4,350 families), Mexico (3,865 families), Peru (553 families), and many others.

Of the total Stanford victims, 60% are from Latin American countries lacking medical and social security systems to guarantee proper medical treatments and a dignified retirement. In order to preserve their patrimony from devaluations, high inflation and the arbitrary decisions from their governments, these victims purchased the CDs to ensure a monthly income to cover medical and living expenses.

Stanford and his accomplices took advantage of the trust placed in U.S. companies to defraud middle class people striving for a modest, secure future in countries where that is not always an easy task.
Mr. Stanford stole the life savings of innocent and unaware families that were left in poverty, unable to pay for medical treatment and living expenses. Personally, we have an autistic grandson who was receiving medical treatments twice a year in the United States, and now for more than three years we have not been able to pay for it, because Stanford stole all of our savings.

There are many other families in similar situations. I receive calls and emails regularly from desperate families telling me that their husbands, wives, fathers and mothers have died because they couldn’t bear the pain and suffering of finding themselves, old, ill and pennyless, after loosing all of their life savings they worked for so many years to attain.

The majority of affected victims are modest people, families with children, some ill or with special needs - many are elderly, ill or close to retirement, and now they are unable to pay for their critical medical treatments because they put their trust in the wrong man. Stanford has callously destroyed their futures and their children’s future, all for the sake of lining his own pockets.

More than three (3) years have passed since he and his accomplices stole our money. This is too much time for the thousands of victims who are immersed in endless agony and desperation because of their loss. Many have already died while waiting in vain for even some small portion of their savings to be returned in time for life saving operations, or treatment of cancer and other life threatening diseases.

During these tragic years, we, the victims, have sadly watched the possibility of receiving an economic relief that could mitigate our losses begin to vanish in the millions of dollars of legal fees, expenses and useless legal fights between the Joint Liquidators and the U.S. Receiver.

Mr. Stanford’s heartless actions, to deceive and steal the life savings belonging to thousands of regular people around the world, were coldly calculated and premeditated with complete disregard for the horrendous consequences. The rich and powerful got their money out, and the innocent were left behind to suffer and die.

Allen Stanford deserves the maximum sentence allowed by the law and should take to prison the images of the people that have died because of his choices. These innocent souls will accompany him in jail and will serve as a reminder every night of his destructive actions against innocent people.

We have waited too long for justice to be done, and while we still wait for some restitution of our savings, we hope that in some small measure truth and righteousness will prevail and Stanford will have to face the consequences of the atrocities he has committed.

Stanford, you deserve what’s coming to you, dirty rotten scoundrel!

Thank you.

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