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.
Three bedroom Sunset Victorian or three bedroom Opelousas Acadian home
Louisiana designer commissioned for NYC Awards gift
The Board of Elementary and Secondary Education is considering whether to get involved in a lawsuit against Gov. Bobby Jindal for his attempts to undermine use of the Common Core education standards in Louisiana's public schools.
Business First Bank has announced plans for a Baton Rouge market expansion through a merger deal with American Gateway Financial Corp.
Acadiana's nightlife guide.
The latest meeting of a south Louisiana flood board that stirred political turmoil with a lawsuit against the oil and gas industry is taking place amid uncertainty over the future of the lawsuit — and the board's own membership.
The photos taken nearly a mile under the Gulf of Mexico are so clear that small holes are visible in a lifeboat that may have gone down or been scuttled when a passenger ship was sunk by a Nazi submarine in 1942.
Advocate columnist and Jindal shill Quin Hillyer has been against the New Orleans levee board lawsuit from day one, but a recent piece targeting author/activist John Barry prompted the perfect rebuttal from the board’s former vice-president, who takes Hillyer to task on just about every distorted claim he’s made on the issue.
Thursday's Blogs from the Bog!
INDEats and EatLafayette want to give one lucky foodie and friends the most memorable meal — here’s how you can win
Pat Bowlen steps down; typhoon caused Taiwan plane crash; Arizona execution botched and more national and international news for Thursday, July 24, 2014.
Thousands of people who bought health insurance through the marketplace created by the federal health care overhaul face price hikes next year that could top 10 percent.
Three bedroom traditional Lafayette home or three bedroom Breaux Bridge home
Style market slated for old Artesia
The city prosecutor has released the case file for Lafayette Parish School Board member Tehmi Chassion’s simple battery complaint against Superintendent Pat Cooper, and the seven witness statements given to police illustrate two very different scenarios.
Acadiana's nightlife guide.
Louisiana fell one spot in an annual national ranking of child well-being that looks at poverty, education and health access.
A federal judge has decided he doesn't need to hear more arguments in the case of a gay couple who want a Louisiana marriage license.
Saints again bring playoff aspirations into 2014 campaign.
New details in the case against the man arrested for last week’s bomb threat and bank robbery has surfaced, including a MidSouth Bank surveillance video showing the alleged suspect attempt an early-morning bank robbery.
Citing conflicting witness accounts, the city prosecutor will not pursue Tehmi Chassion’s allegation of simple battery against Superintendent Pat Cooper.
Smoked meat, fresh sides and the best boudin around
Mellow Mushroom Pizza Bakers opens on Johnston.
Cirque du Soleil effortlessly combines circus art with beloved Michael Jackson hits.
Kelly Guidry Open House
Parents and teachers who support the Common Core education standards sued Gov. Bobby Jindal Tuesday over his actions against the multi-state standards, accusing him of illegally meddling in education policy.
Acadiana's nightlife guide.
An arrest was announced this morning in connection with last week’s bomb scare at UL Lafayette.
Attorneys, judges and others interviewed by LaPolitics expect 15 to 20 district judge races this year.
"I feel like I'm under siege," an attorney said recently over drinks at Galatoire's Bistro in Baton Rouge. "We all do. Every time I turn around somebody wants a check. District attorney races. The judges. They're killing us."