Hundreds of Stanford victims hope to have their voices heard in Baton Rouge today as they seek answers to how, despite numerous whistleblowers and other red flags, they were swindled out of their life savings in what the SEC now says was a massive Ponzi scheme.
Investors who lost billions of dollars after the February collapse of the Stanford companies and the Caribbean-based Stanford International Bank are meeting with federal officials reviewing the case. The field hearing of the Senate Banking Committee is scheduled for 1:30 p.m. at the Louisiana State Police Training Academy Auditorium, Building A, 7901 Independence Blvd.
According to The Advocate, the first person listed by U.S. Sen. David Vitter’s staff as a witness for today’s hearing is Leyla Wydler, former vice president and financial adviser for the Stanford Financial Group.
Gareth Vaughan, Vitter’s press secretary, said Friday that Wydler “came forward to financial regulators SEC and FINRA in 2003 with allegations that the Stanford International Bank certificates of deposit were a massive Ponzi scheme.” ...
Some of Stanford’s Louisiana investors contend that Wydler was the anonymous author of a September 2003 complaint that was sent to the SEC, the federal Office of the Comptroller of the Currency, as well as the National Association of Securities Dealers, now known as FINRA.
Jean Anne Mayhall, a 57-year-old Folsom resident who lost her retirement savings to Stanford, said Wydler was fired by Stanford executives “for refusing to sell certificates of deposit (at Stanford International Bank) to her clients.”
Six years ago, the anonymous complaint alleged that Stanford was operating a Ponzi scheme “that will destroy the life savings of many, damage the reputation of all associated parties, ridicule securities and banking authorities, and shame the United States of America.
Others expected to testify include a regional director for the U.S. Securities and Exchange Commission, and a vice president of the Financial Industry Regulatory Authority, according to The Advocate. Read the story here.
Frank’s Casing Crew, now doing business as Frank’s International, will make its final appearance on ABiz’s list of the Top 50 Privately Held Companies in Acadiana this year, and once again it will likely be at the top with more than $1 billion in annual revenues. The 75-year-old company specializing in tubular fabrication and installation services to the oil and gas industry plans to offer shares of its stock to the public for the first time.
The defeat, or rather highjacking of House Bill 420 in the final days of this year's Legislative Session, say Reps. Vincent Pierre and Terry Landry, is the result of the propaganda spread by one unidentified local media outlet and an unnamed former state Representative, but nothing to do with the original legislation's lack of checks, balances or details.
He’s a singer. A songwriter. A piano man. A family man. He’s even got his own Wikipedia entry. He’s David Egan. And he knows ancient secrets about the monolithic stones of Stonehenge that he’s not willing to share.