Stanford’s victims wait for a fair and just resolution


October 22, 2012

To:      Joint Liquidators, Marcus Wide & Hugh Dickson, and U.S. Receiver, Ralph Janvey
From:     Jaime R. Escalona, Director of COViSAL

Re:   Stanford’s victims wait for a fair and just resolution.

Dear Sirs:

Three years, eight months and six days have passed since our savings were stolen; so far, all we see is how the remnants of our savings continue to vanish in millions of dollars in legal fees, and expenses. To this point,  the US Receivership and the Joint Liquidators (“JLs”)  have spent over $150 million of our stolen patrimony -the victims have received zero restitution.

The Summit in Washington, D.C., mediated by the Department of Justice (“DOJ”), took place on September 6, 2012 with the goal to reach a global resolution to put an end to the current disputes among the aligned parties in the Stanford case. The main objective: to assist the victims of the Stanford fraud.  Forty-five days later, we are still waiting for a resolution.

We hope that the JLs, and the U.S. Receiver are considering the best interest of the victims first, and are committed to working toward maximizing our recovery as quickly as possible. What is happening to the negotiations? Why is it so hard to reach an agreement? Is it the money?

The JLs continue to spend our money in legal fights for the control of the $330 million dollars frozen in Europe and Canada. We want the money distributed, completely and directly, to SIBL’s CD victims, and under the guidelines and supervision of the DOJ. We do not want our money to finance the developing of uncertain real estate projects in Antigua, to finance lawsuits against third parties, or to pay for professional fees. Victims urgently need a distribution this year in order to pay for critically medical treatments and living expenses.

Why does not Grant Thornton provide financing for the recovery of our stolen assets? Why does not the U.S. Receiver secure financing for the recovery from other means”? Why don’t you work on a contingency-fee basis system?

Why do innocent families have to assume all the risk? Why continue to disregard the fact that this crime is causing victims to die by the continued delay of any restitution of their stolen money? Why continue to misuse what it is left of our savings?

Up to this point, we feel that our interests are not adequately represented because we perceive that the instinct of the parties involved is mainly focused on securing our assets, first to pay for their professional fees and expenses, while the victims are at the bottom of the barrel -penny less and forgotten.

Your efforts must focus in coordinating the recovery of our stolen assets with the Department of Justice, the SEC, and the Official Stanford Investors Committee - cooperatively and honestly - in the most economical and efficient manner, without duplicating efforts and without wasting our patrimony. Keep in mind the following key components:

  1. Actions and agreement focused in benefit of the victims.
  2. Distribution of all recovered assets, including the $330 million.
  3. Coordination of a Claims “Certification” Process.
  4. Joint litigation Strategy.
  5. Communication with victims about the status of class actions, recovery efforts, and claims process.

We ask for clarity, transparency, integrity and fairness; and the end of a self-serving economic interest that irrationally pursues control over the assets, wasting what is recovered of our patrimony. Control of the money cannot be the driving force to bring justice and equity to thousands of innocent families left in poverty and desperation. Please do the right thing with compassion and righteousness.

Mr. Wide, Mr. Dickson and Mr. Janvey, don’t let us down.


Jaime R. Escalona

On behalf of COViSAL

LeaderCoalición Víctimas de Stanford América Latina (COViSAL)

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