Good news for American Investors in Stanford’s CD’s, it now looks almost certain they will be receiving SIPC coverage. The following is an announcement made by Angela Shaw director and founder of the Stanford Victims Coalition.

SVC Members,

I am in Washington and am happy to announce that today Congressman Culberson (R-TX) introduced an amendment to the Securities Investor Protection Act (SIPA) to include extending SIPC coverage to Stanford investors. The amendment passed the subcommittee unanimously and was approved beforehand by the chairman of the subcommittee as well as the Financial Services Committee Chairman Barney Frank. The language for the amendment was written by the SEC General Counsel after a meeting with Culberson this morning. Senator Hutchison has agreed to introduce the same amendment to the same bill on the Senate side and is quite excited to do so. The appropriations bill has to pass and this language was “protected” by frank and the appropriations subcommittee. The way this all came together today in the matter of only a few hours is truly unbelievable and I will share more specifics as I get them. I just wanted to share we have our first statute and it definitely gives us SIPC coverage!


Angela Shaw
Director and Founder
Stanford Victims Coalition


Stanford’s former financial empire even murkier than originally reported

The one-time global financial empire of jailed former Stanford Financial Group chief Allen Stanford was even murkier than original media reports first indicated.

WMR has obtained a document that lists Stanford International Bank, Ltd. (SIBL) of Antigua and Barbuda depositors by country of origin. Depositors from 114 countries, including the United States, China, and Israel are listed.

The most surprising depositor listed was from Bouvet Island, a wind-swept and foreboding uninhabited and volcanically-active Norwegian island in the south Atlantic between South Africa and Antarctica. There is a reported Norwegian unmanned weather station on the island.

The use of Bouvet Island as a pass-through for investments in SIBL adds to the suspicions that Stanford’s bank became the new Bank of Credit and Commerce International (BCCI) for various intelligence agencies, including the CIA, Britain’s MI-6, and Mossad, for narcotics money laundering, weapons smuggling, and illegal payments to CIA and other intelligence and criminal syndicate clients around the world.

A spokesman for the Norwegian embassy in Washington, DC expressed surprise at the revelation that its uninhabited island had a depositor in SIBL in Antigua.

WMR has requested additional information from the Norwegian government on the possible use of one of its uninhabited dependencies for international money laundering.

Sticky Wicket under New Management

A local group, including DSC Promotions and Barracuda FC, will re-launch Sticky Wicket, which was once a part of Allen Stanford’s local empire, on July 28.

Operations at the gateway of VC Bird International Airport closed in early February after Antigua Public Utilities Authority (APUA) suppressed electricity, Internet and water supply, owing to a bill that reportedly added up to $7 million for the restaurant and nearby Athletic Club.

Interests representing the one-time investor later said government owed Stanford Development Company (SDC) more than $11 million for Antigua & Barbuda Sales Tax returns.

One of the new principals of Sticky Wicket, Neil Cochrane, said a deal had been brokered between SDC and APUA, through which the utility services were restored.

In any event, the new managers are not concerning themselves with the politics surrounding neither Stanford, who is in a Texas jail awaiting trial for fraud and multiple violations of US securities law relating to an alleged $8 billion massive Ponzi scheme, nor the impasse between government and people representing him.

“We jumped at this opportunity because we think it is an excellent opportunity. Sticky Wicket has a strong brand name, it has high praise and a good reputation, and we see opportunities to expand on that, including the events capacity,” Cochrane said.

In addition to the restaurant, the lease arrangement also sees the group taking charge of the field, which will become the home of the Barracudas, Antigua’s only professional football team, which is part of the USL First Division.

Specific plans are under wraps for now, Cochrane said, but he noted that some of the old staff would be rehired.

As for the menu and ambiance, both will be tweaked “for a little more West Indian spice,” Cochrane added.

Asked about walking in Stanford’s shoes where standards are concerned, Cochrane said his outfit is up to the task.

“They are big shoes to fill but we are certainly able. DSC is also credited with excellence. With this venture, we have good synergy and the same high standards, even if we have less money than Stanford had, Cochrane said.

He pledged that the new operators would “maintain and actually enhance the establishment.”

Letter: Back investors in Stanford Case

My name is Richard A. Cochran. I am a 77-year-old Korean War veteran. I worked in the construction field for 47 years before retiring.

Like the Gulf Coast BP victims, I am a victim, along with many others. We are victims of a financial catastrophe I call turmoil, better known as the Robert Allen Stanford case, which has been going on since February 2009.

Stanford, a Texas financier, has been indicted and faces trial for allegedly defrauding thousands of investors — including numerous people in Baton Rouge, Lafayette and Covington — of $7.2 billion. Stanford has denied wrongdoing.

The federal government agency called the Securities and Exchange Commission has a fiduciary responsibility to protect monies invested in financial institutions regulated by the SEC.

In 1997, SEC personnel reportedly suspected that Allen Stanford was using a Ponzi scheme to bilk the life savings from many unsuspecting people, and the SEC allegedly did nothing to stop him. The SEC Inspector General’s Office is looking into the SEC’s handling of the Stanford investigation.

Our catastrophe, like that of the BP victims, was not of our making. We have lost our life savings because of Allen Stanford and the SEC Enforcement Division’s alleged negligence in doing its job.

In my opinion, we are being treated brutally unfairly by the SEC, which has not authorized partial financial restitution to Stanford investors by the financial industry’s Securities Investor Protection Corp., as the SEC did for people who lost savings to confessed swindler Bernard Madoff.

I am pleading with the good people of the Baton Rouge area to help the Stanford investors become whole again by getting their money back. You may not realize it, but you probably know some of these victims. They are your family, friends, neighbors or co-workers.

Please call or write letters to your U.S. senators and representatives and your president on our behalf, asking that this injustice we are enduring come to an end. If it happened to us, it could happen to you.

Counting on your support,

Richard A. Cochran
operations manager, retired
Baton Rouge