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.
Louisiana's Republican Party has filed a complaint against Democratic U.S. Sen. Mary Landrieu with the Senate's ethics committee about her use of private chartered planes.
Acadiana's nightlife guide.
According to Gov. Bobby Jindal, President Barack Obama needs to stop talking about “justice” and start murdering people, even if we have to go alone.
A replacement is expected by January to fill the vacancy left when Greg Roberts resigned after allegedly pointing a fake gun at an engineer during a June meeting.
The Ragin’ Cajuns got off to a superb start Saturday night, and the Human Jukebox made the soaked season opener even sweeter for the third-largest crowd in Cajun Field history.
The Louisiana health department will follow a federal judge's order and refrain from immediately penalizing doctors who are trying to comply with a new abortion law that requires them to obtain admitting privileges at a local hospital, a spokeswoman said Monday.
Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.
While bogged down with qualifying candidates last month, Secretary of State Tom Schedler didn’t lose sight of the true endgame coming in November and December.
Tuesday's Blogs from the Bog!
Stoned driving a concern when pot is legal; Detroit's bankruptcy trial; speed trap scandal in Florida and more national and international news for Tuesday, September 02, 2014.
A federal jury found attorney Daniel Stanford guilty Friday afternoon on eight of 13 counts for his role in the Curious Goods conspiracy.
Lafayette City-Court Judge Francie Bouillion has served on the bench for two decades since winning a special election to replace Judge Kaliste Saloom when he retired in 1994.
The Houston firm said Friday in its weekly report that 1,575 rigs were exploring for oil and 338 for gas. One was listed as miscellaneous. A year ago there were 1,776 active rigs.
A crew began erecting the 25-foot mini-wheel late morning Friday in anticipation of the evening’s Hottest Night of the Year party at the park.
Frances Boothe of Nunez, who also happens to be filmmaker Stephen Meaux’s grandmother, prepares a cool-weather fave.
The magazine's senior football writer also predicts a break-out year for Saints fourth-year running back Mark Ingram.
New Iberia colonial or Broussard traditional home
The LPSB is poised and ready to move forward with the termination of Pat Cooper following a discussion Thursday with the attorney hired for the investigation of the superintendent, but a decision of this magnitude should be left up to the new board seated in January, especially with three pro-investigation board members bailing out come the new year.
Fiery style for game day
Acadiana's nightlife guide.
Gulf Coast ceremonies marking the ninth anniversary of Hurricane Katrina have begun.
The Louisiana Department of Wildlife and Fisheries says there is little known about the effects of tiger prawns on indigenous Louisiana shrimp. But, officials say the reports they're seeking will help state biologists monitor the distribution of the prawns and determine the possible presence of spawning populations.
Baltimore Ravens coach John Harbaugh rested his regulars and watched with delight as Ray Rice's backups ground out 214 yards rushing in a 22-13 victory over the New Orleans Saints on Thursday night.
High-profile criminal defense attorney Daniel Stanford awaits his fate in the Curious Goods conspiracy trial.
The Louisiana Department of Wildlife and Fisheries is set to put the kibosh on the legal ownership of monkeys trained to help the disabled, and the agency wants to know what you think.
A federal judge on Thursday asked lawyers battling over Louisiana's new, restrictive abortion law for an agreement that apparently could let clinics stay open — at least for a while — after the law takes effect Sept. 1.
Three bedroom Port Barre cottage or three bedroom historic district Opelousas home
No laboring for shoppers this holiday
It will be next month before Gov. Bobby Jindal will likely get a chance to change the membership of a South Louisiana flood board that is suing dozens of oil, gas and pipeline companies.
Acadiana's nightlife guide.