Stanford International Fraud Victims Request US Stand Up to Antigua

In February 2009, 28,000 citizens from around the world lost their lives savings totaling approximately $7.2 billion that funded certificates of deposit at Stanford International Bank - Antigua, an institution owned by a US citizen. A large number of the CDs were purchased through US SEC and FINRA licensed and regulated financial advisors operating in the United States. Prior to the SEC giving the Stanford Group of Companies permission to sell the SIB CDs starting in 2001, numerous US government agencies had knowledge of fraudulent activities involving Stanford and the government of Antigua. The US Treasury, State Department, FBI, DEA and the Justice Department all had previous investigations in to Stanford's international operations, all pointing to fraud. Investors were not warned about the findings of these investigations



The SEC filed a complaint against the Stanford Group of Companies in the US on Feb. 16, 2009. At the same time, Stanford International Bank-Antigua was unable to fulfill depositors requests for withdrawals due to the bank's insolvency. Stanford's other international banks, including the Bank of Antigua, Bank of Panama and Stanford International - Venezuela were taken over by the local governments. The US appointed a receiver to collect and protect assets that belong to Stanford. Antigua appointed a separate receiver to collect and protect assets belonging to Stanford. The two receivers can't agree on who has jurisdiction. Meanwhile, the depositors are left in limbo with little communication other than statements saying the chances of recovery are slim.



In the aftermath of the Feb. SEC complaint and SIB-Antigua's insolvency, the government of Antigua, where a large amount of Stanford's assets are located, seized all property belonging to Stanford. Their government not only failed to regulate a bank in their country as international citizens deposited billions of dollars, but then they just took the assets belonging to the estate that will be used to restitute depositors. These lands, a total of 48 properties including the airport lands and two private islands, were purchased with the CD funds.



The Stanford Victims Coalition hereby requests the US State Department step in and issue a demand for Antigua to back the deposits made in a bank on their island and return the properties belonging to the depositors. Antigua has been allowed to essentially steal assets from US citizens as well as citizens from around the world. This must be dealt with from a global perspective and the US should lead the efforts as the Stanford Group of Companies was headquartered in the US and the US name was used to convey trust and security. Please do not let us down again.