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.
The Lafayette superintendent insists the budget is illegal and vows to fight on.
"I am not a scientist," Senate Republican Leader Mitch McConnell has said numerous times, a response that other members of his party have parroted.
The look of leather
1,595 rigs were exploring for oil and 332 for gas. A year ago there were 1,738 active rigs.
Republicans are running strong races against endangered Democratic incumbents in states such as North Carolina, Colorado, Arkansas, Louisiana and Alaska. Republicans are also looking to replace retiring Democrats in Iowa and West Virginia with a GOP lawmaker.
Historic three bedroom in Crowley or contemporary town house in Lafayette
Republican congressman Vance McAllister is trying to make up to Louisiana voters for getting too close to a married former employee.
You may not like all of “it,” but U.S. Sen. Mary Landrieu, unlike many of her colleagues, isn't sitting around twiddling her thumbs in Congress.
Acadiana's nightlife guide.
Saints safety Kenny Vaccaro says he "can't wait" to play against Green Bay quarterback Aaron Rodgers.
The heat keeps rising for Iberia Parish Sheriff Louis Ackal as a new slate of corruption allegations surfaced this week.
If opposing defenses sell out to stop the Packers' passing game, they risk being gashed by powerful running back Eddie Lacy, a New Orleans-area native.
At the horn the officiating crew trotted to the tunnel and left security personnel to clean up after them.
Friday's Blogs from the Bog!
Sign "ninjas" cleaning up clutter; NYC doctor positive for Ebola; Ferguson grand jury decision nears; and more national and international news for Friday, October 24, 2014.
We can safely assume incumbent Chief K.P. Gibson isn’t too worried about this challenger.
Nationally, Republicans must gain six seats to win Senate control. The most competitive races, many in states where Obama lost in 2012, remain too close to call.
The Baton Rouge Republican has repeatedly battled a perception within his own party that he perhaps wasn't the best choice to carry the GOP banner.
Hot style for fans (and beyond)
Four bedroom Acadian or three bedroom traditional
Prestigious honor annually recognizes a single attorney for excellence in public interest/pro bono work.
Acadiana's nightlife guide.
"I have never seen anyone who worked harder for our people than Sen. Mary Landrieu, so I would like to share a synopsis of a few of the many things she has done to help Louisiana."
Even if Jimmy Graham's production dips while the star tight end recovers from a shoulder injury, it looks like Drew Brees won't have much trouble finding other targets.
A former campaign manager for Senate candidate Rob Maness is striking at the Republican contender's tea party support, saying Maness only sought to appeal to conservative organizations because he needed money for his campaign.
Ninety-two percent of public school teachers were rated either effective or highly effective in a report the state issued marking the second year of a new statewide evaluation process.
School board members Mark Babineaux, Hunter Beasley and Tehmi Chassion can vote to fire Cooper — because we all know that’s exactly what they’ll do.
District 2 school board candidate Simon Mahan is hoping to unseat first-term incumbent and former Carencro Mayor Tommy Angelle in the Nov. 4 election.
District Attorney Mike Harson is showing his desperation by falsely attributing quotes to his opponent and blocking journalists from his social media.
Three bedroom Acadian or a two bedroom town home