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An Open letter to the Honorable Donald B. Verrilli, Jr.


October 11, 2012

An Open letter to the Honorable Donald B. Verrilli, Jr.

The Honorable Donald B. Verrilli, Jr.
Solicitor General
United States Department of Justice
950 Pennsylvania Ave., N.W., Room 5143
Washington, D.C. 20530-0001

Ref: Case No. 11-10932  [5th Circuit Reversal to Judge Godbey's  SLUSA Decisions]

Honorable Solicitor General Verrilli:

We, victims of the fraud perpetrated by R. Allen Stanford, gathered to defend our rights in COViSAL, respectfully address you to beg for justice.

The majority of affected victims are modest people, families with children with special needs - many are elderly, ill or close to retirement; now unable to pay for their critical medical treatments and living expenses. Three years, seven months and 25 days have passed since Stanford, and his abettors stole our life savings. This is a long 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.

The possibility of receiving an economic relief is vanishing because the Joint Liquidators and the U.S. Receiver are consuming what it is left of our patrimony. They have been paid millions of dollars in legal fees, and expenses; while victims are dying because they are not able to pay for their medical treatments.

So far, we consider the Receivership’s accomplishments in the recollection of assets for the victims’ distribution  fund very frustrating. For this reason, the class actions are the only venue of recovery for the modest small investors who do not have any money to hire attorneys to defend them individually. In this sense, we do not understand why there is the intention to negate “their day in court” for the collective of individual investors. Is this not a constitutional violation?

Regarding the statutory interpretation and the large amount of interpretative chaos because of disparate jurisprudence in similar securities' frauds, COViSAL hopes and expects that the empty vessels left by poorly written or misleading laws are filled with the truth of the law. It would be lethal for the Stanford victims to be victimized again. No more impunity for the third parties who benefited from our stolen savings and who are also responsible for this social debacle.

We are confident that you will review all the facts, and that your brief to the U.S. Supreme Court will support leaving in place the 5th U.S. Circuit's ruling in this matter.

We pray to God that the rights of the victims will prevail, and conscience will be the instrument to impart justice.  


/s/ Jaime R. Escalona
Jaime R. Escalona
On behalf of Covisal
Coalición Víctimas de Stanford América Latina (COVISAL)     Twitter: @COVISAL

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