I worked and saved for 36 years - living a risk averse life - invested in advertised "safe" investment and lost it all in 8 months - while the government knew for 10+ years!!! SEC did not do their job!
I worked for 20 years to build a business. Sold it and invested in something "safe". Lost it all in a matter of a few months. The SEC could have prevented this. They knew about Stanford but let it go on. They let this happen.
I lost all of my life savings in "safe" CDs, thru a company regulated by the SEC and my government, the same government that takes obscene amounts of taxes out of my paycheck each week. I work in the medical field (and will continue to do so for the rest of my life, retirement is not an option now). Imagine if doctors were allowed to practice as recklessly as the SEC. They would just take your lab reports (over 10 years worth) showing you have cancer and toss them out because it's simply too much trouble to treat you. And then what? Nothing, you simply die, and they would walk away.
My wife and I lost 1/2 of our retirement that we had saved for 40 years. We are 65 and don't have enough time to ever recovery our investment in the CDs we bought from a registered Broker dealer at an American Financial Firm that SEC had approved.
I lost 1/4 of my life's savings, all in an IRA. I lost my job. I watch while Madoff, the banks, the auto companies are bailed out. I watch while IG report on the SEC says they knew since 1997 and conducted a coursory investigation and did nothing?. I watch in disgust the list of politicians who were paid "consulting fees" by Stanford. I am told, even though i bought this "CD" in houston through a registered Broker dealer, and there is no proof that my money ever went to Antigua, that becuase it was custodied in Antigua I have no SIPC coverage? I am told by attorneys it is pointless to sue the SEC for their utter gross negligence as the government agency is exempt for matters of "judgement". I am, at best, plain old disgusted with my country.
Stanford is a criminal. Are the members of the entire congress of the United States criminals too? Is the SEC and the people who run it criminals? Are the people at the SIPC criminals?
Obviously it seems like you are ALL in the same gang. Criminals each of you. Robbing the American people. Letting them be robbed. Not much of a difference in my book.
I have a friend who has lost half of her life savings via Stanford's crime. And a CRIME it is! Now, on top of all of that, the SIPC is not doing its duty. And it is an organization which is overseen by the U.S. GOVERNMENT, which at last count is funded in part by the very people who got robbed by Stanford.
So my friend has been robbed by Stanford AND the US Government. Wow.
If you want a real joke, read the SIPC CEO's response to judge Janvey of Stanford Receivership. SIPC says they did not return monies and securities to Madoff clients because of fraud, but because the clients had believed they purchased through Madoff! So let's see, Madoff told them they were being purchased and even included the security symbols and info on their statements, but had actually pocketed the money! Let's see, Stanford sold SIB CD's to us and showed them on statements, then pocketed money! So why is it that SIPC is replacing securities/money for Madoff clients and claiming there is no fraud involved, but not for Stanford, et.al., clients?
I purchased an investment portfolio from The Stanford Group out of the Houston office. The SIB CD was a sold as a portion of the SAS growth portfolio/investment strategy. It appears now that our money that was supposed to be wired to the bank in Antigua never even left this country. So why shouldn't our loss be covered by the government agencies(SIPC/FINRA/SEC) that supposedly police these type of companies?????
I bought a CD hoping to have a good retirement, but instead, I lost my money. This has changed the way I will have to live in my old age. Stanford needs to be severly purnished. I hope the government will do something to help all of us recover our money. My highest pay was a little over $34,000 a year. It took me a long time to save $100.000. To loose this money has truly hurt me.
Both my husband and I worked hard for the past 25 years and saved everywhere possible for our retirement. We are responsible people and thought we were doing the right right to "SAVE". We invested in 2007 and 2008 in the CD's. We were not aware that 2% higher interest over other bank CD's at the time was out of line. I lost 50% of my business savings from the past 10 years and 50% of my retirement. My husband has lost 50% of his retirement too. At our ages we will not be able to save this before retirement. 90% of our money is in IRA's. It is absurd that this was known about in 2005 and the investors were not warned!
We live in a Senior (HOPA) retirement community South of Houston called Country Place.The average age here is approximately 74 years.
Starting in October 2001, the Houston Stanford Financial Advisers started soliciting clients from the community by offering free dinners, during which they made presentations for investing in Variable Annuities. They presented impressive data of historical % returns earned by Stanford investments, a factor of major importance to retirees seeking to supplement Social Security. I, and many of my fellow retirees, opened 7-year annuity accounts with major insurance companies recomended by the Advisers.
In 2005, Stanford Advisers started recommending a switch to IRA CDs offered by Stanford International Bank (SIB), which were paying about 2% more than local banks; we were assured they were insured and presented little risk. Some of the annual distribution from the annuities were invested in SIB.
In December 2007, we were advised to sell our annuities because of the danger of the stock market collapse, and roll-over the assets to SIB as they would pay a guaranteed rate independant of the market. We were charged $6000 +/- for early annuity redemptions and increased our SIB holdings to near $500,000.
It is devastating to be told by a Court-appointed Receiver that our retirement CDs are worthless, and it is cruel to learn that Federal agencies like the SEC and SIPC were investigating Stanford dating back to 2005, and none of the investors here knew about it; just the knowledge of the investigation would have prevented the destruction of our financial independence and, in some cases, our lives.
Stanford Victims Demand Recovery through SIPC, SEC and IRS Codes Modifications
652 People Have Sent 74 Letters and Emails
Sign the Petition
Some recent comments: these messages are published with permission of the signer.
Obviously it seems like you are ALL in the same gang. Criminals each of you. Robbing the American people. Letting them be robbed. Not much of a difference in my book.
So my friend has been robbed by Stanford AND the US Government. Wow.
The regulatory system failed to do their job!
Starting in October 2001, the Houston Stanford Financial Advisers started soliciting clients from the community by offering free dinners, during which they made presentations for investing in Variable Annuities. They presented impressive data of historical % returns earned by Stanford investments, a factor of major importance to retirees seeking to supplement Social Security. I, and many of my fellow retirees, opened 7-year annuity accounts with major insurance companies recomended by the Advisers.
In 2005, Stanford Advisers started recommending a switch to IRA CDs offered by Stanford International Bank (SIB), which were paying about 2% more than local banks; we were assured they were insured and presented little risk. Some of the annual distribution from the annuities were invested in SIB.
In December 2007, we were advised to sell our annuities because of the danger of the stock market collapse, and roll-over the assets to SIB as they would pay a guaranteed rate independant of the market. We were charged $6000 +/- for early annuity redemptions and increased our SIB holdings to near $500,000.
It is devastating to be told by a Court-appointed Receiver that our retirement CDs are worthless, and it is cruel to learn that Federal agencies like the SEC and SIPC were investigating Stanford dating back to 2005, and none of the investors here knew about it; just the knowledge of the investigation would have prevented the destruction of our financial independence and, in some cases, our lives.
David and Joanne Smith
Sign the Petition