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Stanford To Have Texas Hearing, Declared Flight Risk
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The Stanford Victims Coalition released a statement on Friday's court action:
"The highly anticipated criminal indictments of Allen Stanford and other Stanford Group Company employees today is only one step in the process for U.S. government officials to provide an explanation for what happened to the life’s savings of 4,500 Americans and another 23,500 victims from around the world. While it is a relief for Stanford victims to see progress in the ongoing investigations in to how $7.2 billion of our retirement accounts were stolen right out from under us, these actions today do not help us recover our savings that took decades to build. Our losses are devastating as senior citizens are losing their homes, going without medical care, and becoming a burden on their children and families. Many are now already dependent on government aid. Bankruptcies have been filed.
There are numerous reports of suicide. The Stanford victims are people who did everything right. We are retired school teachers, US war veterans, small business owners, and generally honest, hard-working people who took every possible step to ensure the safety of our retirement funds. We did not simply make bad investments. We relied on the information provided by our financial regulators and our licensed financial advisers – all of which pointed to a healthy and growing American financial institution.
The entire world is watching how the American regulatory system will handle the debilitating losses of victims of massive fraud like the Stanford case. These victims have been denied help by the US government and are now facing a long road to an extremely limited recovery. The American financial and legal system can ill-afford to convey the message that defrauded investors will be deprived – even temporarily – of their life’s savings. We are the prime example of the need for regulatory reform and a plan to restitute victims when the system fails."
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