COViSAL's Comments on Marcus Wide Letter

English translation 

Message No. 33 

July 29, 2012

To:         Stanford's victim (COViSAL) 

From:     Jaime R. Escalona

Subject: COViSAL's comments on Marcus Wide communication

Dear friend,

On July 20, 2012, the Joint Liquidator of the Stanford International Bank Limited (“SIBL”) Marcus Wide initiated a massive e-mail campaign. He sent a communication to all Stanford depositors in response to a letter sent by SIBL’s depositors requesting the Joint Liquidators to drop the litigation for the control of the $330 million of our savings frozen in England, Switzerland and Canada, and to focus their efforts from other sources.

Mr. Wide in his letter ignored several things, among them, recanting the statement he gave to US and English authorities, and to Stanford's victims at the Webinars, when he said: “…One of the reason's people invested in Stanford International Bank was that it was not the US, it was outside the US, and to find suddenly that you are dealing with the US Government with regard to your account, may be distasteful, and not what was intended by people who put money there.”

However, Mr. Wide’s statement is not correct. The reality for the Latin American victims was quite the opposite. The majority of Latin Americans deposited our savings in SIBL because it was one among hundreds of companies that made-up Stanford Financial Group (“SFG”), an American Holding, that operated in and from the United States.

Furthermore, it seems that many of his comments, in the communication of July 20, in reference to the Department of Justice (“DOJ”), might be incorrect, and only DOJ could clarify them.

Three (3) years, five months and 13 days have passed since our savings were stolen, and so far we have seen how the remnants of our savings are vanishing in the millions of dollars in legal fees, expenses and useless jurisdictional battle between the Joint Liquidators and the US Receiver. Additionally, the Joint Liquidators continue to spend our money in legal fights against the DOJ for the control of the $330 million dollars frozen in Europe and Canada.

It is quite possible that Liquidators and administrators have an intention to help the victims of this horrendous fraud. However, we feel that our interests are not adequately represented because we know about the instinct of auditing and asset recovery firms, and attorneys managing liquidations and administrations, which is growth and generation of fees for themselves, their professionals and their parent companies.

COViSAL’s members, and many other Stanford’s victims, do not want that the Joint Liquidators keep $66 million dollars to finance uncertain real estate developments in Antigua, to finance lawsuits against third parties, or to pay professional fees to the Joint Liquidators and their associates. We must demand that the $330 million dollars frozen in Europe and Canada are distributed completely and directly to SIBL’s victims, under the guidelines and supervision of DOJ.

Victims require an economic relief as soon as possible to cover their immediate medical and living expenses.

Since the Joint Liquidators are bragging about their 60 years of experience and being a part of a great international auditing company, Grant Thornton, ¿Why don’t they work on a contingency-fee basis system?

If the Joint Liquidators say they are confident about recovering 40-50% of our patrimony, then, Why Grant Thornton does not provide the financing for the recovery?

Why do innocent victims have to assume all the risk and Grant Thornton’s Liquidators none?

Why continue killing the innocent victims and what it is left of our savings?

We demand clarity and transparency, and the end to stinginess and economic interest that irrationally persecute the control over the assets wasting the insignificant patrimony of Stanford’s victims.

With conviction and perseverance, we will continue denouncing dishonesty, opportunism, and discrimination until we accomplish equity in this monstrous fraud that still continues.

Let’s keep our strength and positive energy; with faith and determination, we’ll accomplish the restitution of our stolen savings.

Thanks and regards,


Jaime R. Escalona
Coalición Víctimas de Stanford América Latina (COViSAL)              
Twitter: @COViSAL                
Caracas: (0412) 617 2438         (0414) 377 5898
Texas:    (512) 377 6133           (214) 377 0355

Con DIOS, superaremos todos los obstáculos.
With GOD, we'll overcome all obstacles

La labor de COViSAL es de índole investigativa, informativa y de difusión. NO debe interpretarse como asesoría legal.
The nature of the work of COViSAL is research, information and dissemination. It should NOT be interpreted as legal advice.

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