(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.
Business organizations opposed the proposal, saying it would lead to job losses and higher prices for goods and services.
An attempt to repeal a six-year-old law that permits public school science teachers to use material outside a classroom's adopted textbook has been rejected by the Senate Education Committee.
New York Times poll shows Obama, Jindal have identical approval and disapproval ratings in the state.
See which events are taking place during INNOV8 Lafayette this Friday, April 25.
Acadiana's nightlife guide.
Lisa Boudreaux come and get your goodies.
OK, so they’re bentgrass, the type used on golf course greens. But grass is grass.
Jefferson Street restaurant and pub debuts during Festival with limited menu.
The Senate Finance Committee approved the bill Wednesday, despite opponents who argued it would shut down the storefront lenders.
A measure to allow the state to implement its own, less stringent plan for limiting carbon dioxide emissions unanimously passed the Senate.
FDA to regulate e-cigarettes, Jodie Foster gets married, Vermont to require labels on genetically-modified food, and more news for today, April 24, 2014.
Thursday's Blogs from the Bog!
A push to expand Louisiana's Medicaid program as allowed under the federal health care has been overwhelmingly rejected by the Senate health committee.
See which events are taking place during INNOV8 Lafayette this Thursday.
It’s on, y’all. Fest fIND, our annual Festival International de Louisiana reader contest, is now accepting photo submissions.
Acadiana's nightlife guide.
Louisiana welfare recipients would be prohibited in state law from spending the federal assistance at lingerie shops, tattoo parlors, nail salons and jewelry stores, under a bill that received the support Wednesday of a House committee.
Senators will consider whether to prohibit private businesses in Louisiana from paying unequal wages to employees of different genders for the same job.
Rep. Joel Robideaux has delayed bill hearings and said unless a compromise can be reached, he won't bring up the legislation this session.
Once again, Lafayette Parish School Board President Hunter Beasley is focused on an issue that has nothing to do with the educational well-being of our public school children.
Fashion and music make great bedfellows
Producers, manufacturers, restaurants and chefs host roundtable and tasting
After exhausting his appeals all the way to the state Supreme Court, the owner of the Tiger Truck Stop in Grosse Tete has no legal remedy left save one: do an end run around the high court via a bill that would grandfather his “right” to keep a 550-pound tiger enclosed in a pin at his roadside business.
Louisiana poet Darrell Bourque has won the 2014 Louisiana Writer Award, given annually to recognize outstanding contributions to Louisiana's literary and intellectual life.
Drivers would have to secure dogs riding in truck beds while on interstate highways, if the Senate agrees to a bill backed by the House.
The easy one-piece way to style
Comfy feet for long days
Newsy bits for the whole fam
Don't forget: our annual Festival International contest begins Thursday! Win. Cool. Stuff.
An effort to prohibit employers from discriminating based on sexual orientation or gender identity was shelved Tuesday for the legislative session.