Comments for SEC: Stanford victims should be compensated at http://www.theind.com , comment 1 to 12 out of 12 comments http://www.theind.com Wed, 22 May 2013 19:14:26 +0100 FeedCreator 1.7.3 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18963 Ignorance of the law does not excuse a criminal act... Sheet, Kaliste's favorite blurb the morn after Mardi Gras. - NORTHSIDIAN SHOTGUN Wed, 22 Jun 2011 22:18:07 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18950 Original Northsidian. I have no idea why anyone would be tip-toeing around the broker issue. Maybe you're right, and political connections play a role. I'm not an attorney, nor am I an expert in the law relating to securities fraud, etc., but I believe the following will be considered: The brokers were pressured by Stanford to sell these CD's and were paid handsome commissions (relative to commissions paid on FDIC insured CD's). I guess the brokers will argue that Stanford assured them in some way of the relative safety of this investment. Stanford is the one who blew the money, and the brokers were the ones who collected it for him. The law may punish them by assesing their level of responsibility, and how well Stanford fooled them. I know of a broker who left Stanford Group because of the push to sell these CD's. He wasn't comfortable with what Stanford was doing, and left the firm. That is what the brokers should have done, but, what do I know? I agree with you that punishment should not be light. A real message should be sent. - Dudley E. LaBauve, III Wed, 22 Jun 2011 15:30:27 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18900 Dudley, I think the investors should get as much back as possible also. But, I think the brokers who broke the investors should be prosecuted,fined and get as much jail time as a brother who steals a $500.00 set of tires & rims. Do you agree with me? My question is this: Why is everyone tip-toeing around the broker issue?? Is it because of their political connections? - the original northsidian Mon, 20 Jun 2011 18:03:54 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18893 Original Northsidian. I understand the Feds are trying to claw back the commissions earned by Tiffany, Hank, and the other named brokers, but that is just a small fraction of what the clients are out. My guess is these brokers will be prosecuted, fined, and may get a little jail time. The hard part is going to be tracing where the CD money is, what it was invested in by the Bank, what the value of those investments are, what the value of Allen Stanford's assets are, and then liquidate what can be liquidated in order to try and return as much to investors as possible. It's a truly rotten deal for those people who invested in those CD's. Oh, by the way, if the brokers actually told clients the CD's were FDIC insured, and the clients can prove it, that's another legal problem for the brokers, but, even if you can take every penny from the brokers, it will amount to an insignificant amount of money relative to the size of the scam. I wish the investors luck in getting as much back as possible. - Dudley E. LaBauve, III Mon, 20 Jun 2011 15:18:15 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18858 So Dudley what does that mean to the folks who bought CD's from a broker such as Tiffiny Angelle or Hank Mills (Sen. Fred Mills brother) who told them they were FDIC insured? And what is happening to the brokers? - the original northsidian Fri, 17 Jun 2011 17:30:31 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18843 If indeed, an investor's registered securities and cash in brokerage accounts, went missing from these accounts during the federal seizure of Stanford Financial Group and ensuing bankruptcy of the company, then SIPC coverage would apply up to $500,000 in cash and securities per account. If investors purchased non-FDIC insured Stanford International Bank CD's, then they have a much more difficult journey to getting any of their money back. The brokers who sold these CD's to clients knew better than to sell non-FDIC insured CD's to clients, without fully disclosing the risk of doing so. The local broker, Tiffany Angelle, worked at FM Bank for several years prior, and she knew damned well about FDIC coverage. The clients who opted not to buy the CD's and just bought registered securities (like stocks, bonds, mutual funds, etc.) in their Stanford brokerage accounts, which were actually custodied by Pershing L.L.C. (a qualified custodian and clearing company) will be covered by SIPC. Most qualified custodians, if not all, are not only SIPC members, but also carry up to $1 billion of supplemental insurance for client accounts, in the event of a broker-dealer failure. Bernie Madoff was able to steal money, because his own private investment management firm custodied the clients' monies. Allen Stanford was able to steal, because he owned the non-US, non-FDIC member bank which had custody of those monies used to purchase CD's. - Dudley E. LaBauve, III Fri, 17 Jun 2011 11:35:15 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18839 James, let's just start another war for the oil companies!! How much do you think the gov't is paying for this. And who is getting rich?? What about the LHA contracts, who is getting rich on that? These people invested with crooked brokers my boy!! That is what SIPC is about. Now I do believe the brokers should also be held accountable. But this is Merika bro, and the rich get richer and the poor go to prison! - the original northsidian Fri, 17 Jun 2011 08:31:46 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18793 Are all losses due to frauds and natural disasters to be reimbursed by the government? It seems everyone expects the government to pay for the problems of life. This is a path to national bankruptcy. - James Melancon Thu, 16 Jun 2011 08:33:59 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18776 Mr. Stanford and Mr. Madoff had a green light from our government Regulatory Agencys, in scamminmg the investors. Hell, the major Guardian of these two Ponzi was the administration in Washington holding back the bloodhounds. - EXISTENTIALIST HOMME Wed, 15 Jun 2011 19:59:57 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18775 Here’s someone worse than Madoff. Read the information at this link and forward it to everyone you know, so they don’t get scammed: http://texsquixtarblog.blogspot.com/2009/04/who-is-worse-bernie-madoff-or-rich.html - Tex Wed, 15 Jun 2011 18:19:26 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18774 Finally justice for the folks who lost their money in a ponzi scheme that was gov't approved. Now when will something be done to the crooked brokers? I want a Baboon to jump out of my ass if they didn't know it was a scam!! - the original northsidian Wed, 15 Jun 2011 18:13:11 +0100 http://www.theind.com/business-news/acadiana-business/8501-sec-stanford-victims-should-be-compensated#comment-18764 It has been a long awful wait. I would like to thank our Louisiana politicians on both sides of the isle that came together and supportted us, and mostly David Vitter who without his constant support today would not have happened. Many readers of this article may not believe we deserve the SIPC insurance. I hope you would take the time to understand the facts of this case. There where no high interest rates promised to me or the many others i know that lost money. The money invested never went to buy CD's it just went to the brokerage firm, to Stanford and his brokers. A scam the SEC Dallas office was concerned about since 1999. It it a good day for many in South Louisiana... everyday people mostly retired people who saved their whole lives... It is the first good day in a long time............... - investor Wed, 15 Jun 2011 15:34:50 +0100