(Editor's Note: Through her attorney Alan Breaud, former Stanford Group Co. financial advisor Tiffany Angelle says the story below includes untrue information. “She is quite upset about the article and the damage to her reputation,” Breaud writes in an e-mail. “She has never given a Rolex or any other gift to get someone to invest.” In a phone interview, Breaud also said Angelle didn’t take any investors on trips to keep them from withdrawing money. The Independent Weekly has attempted several times to reach Angelle by phone [at the address listed in the lawsuit], but no one answers and there is no machine set to accept messages.)
When a Lafayette investor was threatening to pull his money out of Stanford Group Co., local financial adviser Tiffany Angelle set about to change his mind, flying the investor to the West Indies Island of Antigua, where parent company Stanford International Bank is headquartered. He was lavishly entertained and presented an expensive gift: a Rolex watch.
Such extravagancies (anyone ever go to a Stanford-sponsored LSU tailgating party?) appear to have been a common tactic for a company the SEC alleges was operating a Ponzi scheme that has cost victims more than $9 billion, most of which was sent to Antigua. Now more of those alleged victims are seeking to recover $6.5 million from 10 investment advisers in Louisiana, The Advocate reported yesterday. Seven of those advisers are in Baton Rouge, and three others are in Denham Springs, Zachary and Lafayette. Angelle and Hank Mills of Baton Rouge, who also worked in the Lafayette office in River Ranch, are among them. A lawsuit was filed in Baton Rouge last month by 10 investors; this suit, filed Wednesday in district court in Texas, is the first to name Angelle, who worked out of the Lafayette office.
According to The Advocate, 66 financial advisers in Louisiana and seven other states were sued for more than $40 million by a court-appointed receiver attempting to recover billions from R. Allen Stanford’s companies. The suit was filed on the heels of the receiver's request that the court release accounts held by Stanford Trust Co., which is based in Louisiana.
“These amounts were paid to the financial advisers as compensation for soliciting their clients to purchase certificates of deposit from Stanford Group Company’s affiliate, Stanford International Bank, Ltd.,” Dallas-based receiver Ralph S. Janvey said in a written statement.... In return for placing investors’ money with the offshore bank, Janvey alleged, advisers often received a 1 percent commission. He said an adviser could earn an additional 1 percent commission if the money remained with Stanford for the term of the deposit. “Significant portions of the bank’s portfolio were misappropriated by … Allen Stanford and used by him to acquire private equity investments and real estate,” Janvey alleged.
Investors are seeking $1.4 million from Mills, and $675,664 from Angelle, whose address in the suit is listed as the 400 block of Boulder Creek Parkway in Lafayette. The INDsider was unable to reach Angelle by phone at that address. Read the rest of The Advocate story here.
Louisiana's 21 casinos took in $203.5 million statewide in June, edging up one-half of a percentage point from a year earlier.
Three bedroom Sunset Victorian or three bedroom Opelousas Acadian home
Louisiana designer commissioned for NYC Awards gift
The Board of Elementary and Secondary Education is considering whether to get involved in a lawsuit against Gov. Bobby Jindal for his attempts to undermine use of the Common Core education standards in Louisiana's public schools.
Business First Bank has announced plans for a Baton Rouge market expansion through a merger deal with American Gateway Financial Corp.
Acadiana's nightlife guide.
The latest meeting of a south Louisiana flood board that stirred political turmoil with a lawsuit against the oil and gas industry is taking place amid uncertainty over the future of the lawsuit — and the board's own membership.
The photos taken nearly a mile under the Gulf of Mexico are so clear that small holes are visible in a lifeboat that may have gone down or been scuttled when a passenger ship was sunk by a Nazi submarine in 1942.
Advocate columnist and Jindal shill Quin Hillyer has been against the New Orleans levee board lawsuit from day one, but a recent piece targeting author/activist John Barry prompted the perfect rebuttal from the board’s former vice-president, who takes Hillyer to task on just about every distorted claim he’s made on the issue.
Thursday's Blogs from the Bog!
INDEats and EatLafayette want to give one lucky foodie and friends the most memorable meal — here’s how you can win
Pat Bowlen steps down; typhoon caused Taiwan plane crash; Arizona execution botched and more national and international news for Thursday, July 24, 2014.
Thousands of people who bought health insurance through the marketplace created by the federal health care overhaul face price hikes next year that could top 10 percent.
Three bedroom traditional Lafayette home or three bedroom Breaux Bridge home
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The city prosecutor has released the case file for Lafayette Parish School Board member Tehmi Chassion’s simple battery complaint against Superintendent Pat Cooper, and the seven witness statements given to police illustrate two very different scenarios.
Acadiana's nightlife guide.
Louisiana fell one spot in an annual national ranking of child well-being that looks at poverty, education and health access.
A federal judge has decided he doesn't need to hear more arguments in the case of a gay couple who want a Louisiana marriage license.
Saints again bring playoff aspirations into 2014 campaign.
New details in the case against the man arrested for last week’s bomb threat and bank robbery has surfaced, including a MidSouth Bank surveillance video showing the alleged suspect attempt an early-morning bank robbery.
Citing conflicting witness accounts, the city prosecutor will not pursue Tehmi Chassion’s allegation of simple battery against Superintendent Pat Cooper.
Smoked meat, fresh sides and the best boudin around
Mellow Mushroom Pizza Bakers opens on Johnston.
Cirque du Soleil effortlessly combines circus art with beloved Michael Jackson hits.
Kelly Guidry Open House
Parents and teachers who support the Common Core education standards sued Gov. Bobby Jindal Tuesday over his actions against the multi-state standards, accusing him of illegally meddling in education policy.
Acadiana's nightlife guide.
An arrest was announced this morning in connection with last week’s bomb scare at UL Lafayette.
Attorneys, judges and others interviewed by LaPolitics expect 15 to 20 district judge races this year.