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.
Congratulations to Stella Theriot and seven friends who will enjoy a private dinner hosted by INDEats and EatLafayette
The City-Parish Council on Tuesday will be asked to sign off on an agreement between UL Lafayette and Lafayette Consolidated Government that would expand mass transit opportunities for UL students by adding five additional buses to its shuttle run between Cajun Field and campus.
Four bedroom traditional or three bedroom French home
Louisiana's high school seniors are making increased strides on Advanced Placement exams.
The hip little River Ranch shop will open in the Acadiana Center for the Arts in time for the September ArtWalk.
Hot prints and cool wolves
The Alabama game is sold out but tickets for all other homes games can be purchased online at www.LSUtix.net.
Among the one-percenters nationally, Louisiana's fattest cat is a relative pauper.
The Republican governor sent a letter Thursday to the president, saying placement of the children in Louisiana could have "potential negative ramifications."
Many laws are minor, though some impact health care options, change educational programs and reach into people's everyday activities.
Responding to Tuesday’s federal appeals court decision to save Mississippi’s lone abortion clinic, Esquire magazine profiles the unique story behind one of the doctors working at the clinic in Jackson.
Acadiana's nightlife guide.
Lafayette’s first-ever Whole Foods Market will open its doors in September.
In reacting to the recently resurrected allegations of sexual abuse among local clergy, is the Catholic Diocese of Lafayette maintaining its old stance of protecting their own?
Louisiana's annual state sales tax holiday is Friday and Saturday.
Thursday's Blogs from the Bog!
Breakfast favorites served on a bubbly crust pair with a crisp salad
NJ lady beats Donald Trump; Israel calls up more troops; border hearings accelerated and more national and international news for Thursday, July 31, 2014.
State Rep. Lenar Whitney — one of a handful of Republican candidates vying for Louisiana’s 6th Congressional district — has been described by Cook Political Report analyst David Wasserman as one of the most “frightening or fact-averse candidate[s]” he’s ever met following her reaction to an interview last week.
West coast casual
Mid-August hearing dates have been set for dueling lawsuits over Louisiana's use of the Common Core education standards in public schools.
An investigation into the last-minute passage of a pension hike for the state police superintendent continues, despite Col. Mike Edmonson's decision not to accept the increase.
Four bedroom traditional Youngsville home or three bedroom traditional Broussard home
On Tuesday, a three judge panel (voting two to one) of the U.S. Fifth Circuit Court of Appeals struck down as unconstitutional Mississippi’s controversial law requiring that physicians who perform abortions maintain admitting privileges in a nearby hospital.
Safety Jairus Byrd practiced with the New Orleans Saints on Tuesday for the first time since his signing in March.
Sentencing has been delayed for a businessman who provided key testimony in the corruption case that resulted in the conviction of former New Orleans Mayor Ray Nagin.
The spectre of priest sex abuse has returned to haunt the Roman Catholic Diocese of Lafayette following the recent release of an investigative report by Minnesota Public Radio, revealing new allegations of another child predator hiding behind the clerical collar.
Acadiana's nightlife guide.
A ballpark snack topped with BBQ meat can be found cruising town on a food truck
"Although the administration is moving forward with climate change regulations at home, we don't consider how policy decisions in the United States impact greenhouse gas emissions in other parts of the world," says Roger Martella, the former general counsel at the Environmental Protection Agency under President George W. Bush.