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.
Thursday's Blogs from the Bog!
Women sue over sperm mix-up; Romney on campaign trail; Ebola patient was released from hospital and more national and international news for Thursday, October 02, 2014.
State Rep. Joel Robideaux, R-Lafayette, surprised few in the Hub City Wednesday afternoon when he made (semi) official what most of us have known for months: He is running to replace Joey Durel as city-parish president.
Two bedroom town home or three bedroom contemporary home
Let the party begin
Louisiana's first black Republican state senator since Reconstruction — who was a Republican before he was a Democrat before he was a Republican again — is accusing Democratic U.S. Sen. Mary Landrieu of using the black community for votes and providing nothing in return.
LSU's governing board has backed new hospital privatization contracts that give hospital managers greater ease to leave the deal and fewer restrictions about must-have services.
Rachel Hector returns home to cultivate a generation of yoga instructors.
Acadiana's nightlife guide.
U.S. Sen. Mary Landrieu is courting young voters in several appearances across Louisiana this week, talking about her support for legislation that could lower students' college costs.
It is distinctly possible control of the U.S. Senate will hinge on Louisiana, which is why, during the last several months, outside groups have made this the most expensive election in Louisiana history.
A constellation of South Louisiana musical stars descends on Parc Sans Souci to honor an ailing David Egan.
INDStyle Awards 2014 was one for the books; the American Cancer Society took over The Victorian's big tent; and the battle of the sexes was alive and well for Walk a Runway's Christmas fundraiser.
The Acadiana Symphony Orchestra teams up with choreographer Clare Cook for a modern take on a Stravinsky classic.
Local food pantries begin seasonal drives
A girl's best fashion friend
Stage 4 vet takes on cancer and reminds us all what it really means to get involved.
Creative living flourishes at Downtown’s artist hub
Four bedroom cottage or four bedroom traditional
Bold looks for fall define INDStyle Awards 2014
Statement pieces for the season
The gents venture out
Project Front Yard has been launched to help us change our image and our habits.
Alleged victim is a Navy vet with brain trauma resulting from a car accident three decades ago.
Is Mary fading as Vitter solidifies his lock on the fourth floor?
Richard Buswell was sentenced Tuesday to more than 10 years in prison for his role in an investment scheme that defrauded his clients of more than $6 million.
The Latin Music Festival returns to Parc International this Saturday, Oct. 4, from noon to 10 p.m.
Gov. Bobby Jindal's administration has renegotiated contracts for six LSU hospital privatization deals, hoping to reach a compromise with federal health officials that will keep Medicaid dollars flowing to the privatized patient services.
Democratic Sen. Mary Landrieu is defending her record on gun rights, seeking to rebut sharp criticism from the NRA in a state where the right to bear arms is given special constitutional protection.