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Update from COViSAL – November 12, 2012


** English Version **

November 12, 2012

To:           Stanford's victim (COViSAL) 
From:       Jaime R. Escalona

Subject:    Update from COViSAL – November 12, 2012

Dear friend,

  This message is to inform you that COViSAL’s writings are very important to many families affected by Stanford’s fraud. The letters and communications that I persistently send to the responsible authorities take effect; not with the speed we want; however, its impact is cumulative, and will bear fruits soon; In God's perfect timing. I will continue to demand justice and equity for all, firmly but professionally. We all must have faith.

  The open letter, dated November 8, was also sent to Judge David Godbey, Judge David Hittner, Judge Mario Michel of the High Court of the Eastern Caribbean, the U.S. Department of Justice (“DOJ”), the Securities and Exchange Commission (“SEC”), the Office of Serious Fraud (“SFO”) in the U.K., to Senators and Representatives of the U.S. Congress; additionally, to the media, among them CNN, Washington Post, Wall Street Journal, Houston Chronicle, Dallas News, and others. Probably, the latter organizations are not interested in publishing the letter, because our case is not hot news anymore, and even less in publishing it, gratis. Nevertheless, we are creating a conscience about of our situation, and our fight for the recovery of our patrimony; stolen under the indifferent eye of the regulator and supervisor of the United States financial market.

  In reference to the Summit in Washington, D.C., after the first meeting, the Joint Liquidators, the U.S. Receiver, DOJ, the Investors Committee and the SEC, apparently had other meetings, and they are close to reaching an agreement to resolve disputes, a cooperation agreement, cost reductions and a claim's process consolidation. We are waiting for official news.

  Concerning the civil lawsuits, it is important to point out that a few years ago, all legal actions, related to Stanford, were centralized by Judge David Godbey in his Federal Court in Dallas. The high volume of the lawsuits created a bottleneck, and cases were at the mercy of a slow and insensible administration. Finally, under pressure by the Official Investors Committee, Judge Godbey recently agreed to assign a few cases to a Federal Magistrate. (A Federal Magistrate is a judge named by the Federal District Judge to help him with case loads. The Federal Magistrate typically presides over preliminary hearings and also can consider petitions, but they cannot take final decisions on the cases.) It is expected that the Federal Magistrate now would expedite the cases to move them forward more quickly. In the following days, we hope that the Official Investors Committee will issue a report with more details.

  In relation to the sale of claims, please be aware that in addition to Stanford’s former financial advisors and agencies besieging innocent and unaware families; now, law firms are touring Latin America, in search of victims to induce them to sell their claims. The former Stanford’s financial advisors are presenting a “pyramidal recovery plan” with a suspicious aggressive fund; they charge you a fee to join the program. The agencies buying claims are offering between 5 to 11% of the total amount of the approved and certified claim. The law firms prowling around in Latin America are putting together a group of clients in order to negotiate with “funds," the purchase of the debt. It is obvious; these types of individuals are business people, and their main objective is to fatten their pockets.

  It is important to consider that if you sell your claim to any of these individuals or to a possible “fraudulent package," you are giving up your rights to any and all claims related to Stanford. You will forever be excluded from any economic relief, recovery or distribution; including class action lawsuits. The needs of each person are different, and you should be very cautious. Consult with a family member or a trusted attorney before you sign any documents. The current offers being made, to buy claims, are very inferior to the total of the recovery from the distribution of the frozen money in Europe and Canada, the money in possession of the Receiver, and the money to be recovered from the lawsuits.

I am working on a very compelling communication about the reality of so many suffering families. Please send me your personal history about how this fraud has affected you and your family. I will keep your personal information confidential.

Let us continue ahead with faith and positivism. We will accomplish our objective with willpower and perseverance. 

Thank you for your support.


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

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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