Phil Preis, the Baton Rouge attorney who represents Louisiana investors suing their financial advisers for funneling their money into Stanford International Bank’s so-called CDs, calls South Louisiana the national epicenter of Robert Allen Stanford’s alleged multibillion-dollar bank-investment fraud. Today’s Advocate reports that Preis estimates about 70 percent of the program’s U.S. dollars came from Baton Rouge, Lafayette, Covington and the surrounding areas.
“I’ve talked to a lot of the victims,” Preis told the paper. “It is catastrophic.”
Three years ago, after the death of her husband, 53-year-old Kimberly Scullin invested much of her family’s savings in the CDs, according to the story.
She said she and two sons lost “hundreds of thousands of dollars.” Her bitterness extends to her financial advisers as well as to Stanford.
“All … were licensed by the state,” Scullin noted. “They had to know something was wrong. They had to know.”
Read The Advocate story here.
If you or someone you know has lost money with Stanford, which is accused of running a massive Ponzi scheme, help is available through the Stanford Victims Coalition Web site. Dozens of members of the Louisiana Stanford Victims Group appeared at the state Capitol last Wednesday to testify in support of state Rep. Bodi White’s bill to increase the criminal penalties for financial fraud in Louisiana. White's bill, which moved out of committee with overwhelming support, creates a mandatory minumum five-year prison sentence for anyone convicted of racketeering involving securities. It would not, however, have an effect on possible charges in the Stanford case.
The state victims' group, affiliated with the national coalition, also has been working with U.S. Sen. David Vitter’s office to ask that CDs held within the U.S. be covered under the Securities Investor Protection Corporation. SIPC works to return customer cash, stock and other securities when brokerage firms close due to bankruptcy or fraud. The Stanford victims affirm in a petition that the “Stanford Group was an active SIPC member and the CDs were sold as SIPC insured.” Read the SIPC coverage petition here.
New menu items ready for the Lenten season
The Cane Fire Film Series screens “MaidenTrip” on Monday, March 10, at the AcA.
Acadiana's nightlife guide.
The vibe of the tribe done modern
The Louisiana Workforce Commission said Friday that initial claims rose to 2,125 from the previous week's total of 1,964. There were 2,887 initial claims during the comparable week in 2013.
The Board of Elementary and Secondary Education has stalled action on a $3.5 billion annual school funding formula due to state lawmakers by March 15.
The New Orleans Saints have yet to make it official as of this writing, but popular wide receiver Lance Moore has reportedly been cut by the team to free up salary-cap space on the roster.
While two medical marijuana bills are slated for the upcoming legislative session, what some Louisianans might not know is that the plant was approved for therapeutic use by state lawmakers in 1991.
The agenda is shaping up to be lighter than in previous years. But Jindal is term-limited, with fewer than two years remaining in office, and he saw his last big initiative — a proposed rewrite of Louisiana tax law — collapse without getting a vote in 2013.
Sharper has been held without bail because of an arrest warrant issued by Louisiana authorities accusing him and another man of raping two women.
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Friday, March 07, 2014:
Two Lafayette men have been revealed by police as the infamous duo behind a caper that shook our fair city to its core.
She’s the daughter of the legendary Johnny Cash, but she’s been a gifted artist in her own right for three decades, and she’s coming to Lafayette.
The Lafayette Parish School Board has received a second letter of demand related to last year’s insurance debacle, this time from Key Benefit Administrators claiming it’s owed $93,000 from the school system.
Acadiana's nightlife guide.
The Louisiana coastline is vanishing faster than mappers can keep track.
A bill that would have overridden local ordinances prohibiting public and private employers from discriminating against lesbian, gay and transgender people has been pulled within less than a week of being filed.
The panel that selects nominees for a controversial New Orleans area flood control board — a board that is suing more than 90 oil, gas and pipeline companies — is set to discuss legislation affecting its independence.
State prison officials cannot keep secret the seller and manufacturer of the two drugs purchased for executions at the Louisiana State Penitentiary, a federal judge ruled Wednesday.
State lawmakers will not appeal a judge's ruling that it was improper to use $3.7 million from a probation and parole officers' retirement fund to balance the state's operating budget.
Prepare yourselves for sun
Acadiana's nightlife guide.
Conservatives have been losing their minds over this satirical bit on the Colbert Report.
Due to the chaos of Mardi Gras and the weather, the entry deadline for this year's INDesign Awards has been extended by one week.
The Lafayette Parish School Board leaves a lot to be desired, but is scrapping the election process in favor of an appointed board the answer?
Queen Evangline and King Gabriel ruled Tuesday night
The House approved legislation Tuesday night to roll back a recently enacted overhaul of the federal flood insurance program, after homeowners in flood-prone areas complained about sharp premium increases.
IND Style does Gabriel
Newsy bits for the fam
The NFL has formally designated New Orleans' Jimmy Graham as a tight end for the purposes of his franchise tag value, which is now set at $7.05 million next season unless Graham and the Saints subsequently agree on a long-term deal.