Stanford Investors Blame US Authorities

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CaribWorldNews, BATON ROUGE, La., Tues. Aug. 18, 2009: Investors allegedly bilked by Sir R. Allen Stanford, flocked to a congressional hearing on Monday, claiming U.S. authorities should also share blame in the multi-billion dollar Ponzi scheme.

At the U.S. Senate Banking Committee field hearing held Monday in New Orleans by U.S. Sen. David Vitter, R-La., some investors who say they lost their life savings to the Texas-born, naturalized Antigua and Barbuda citizen, insisted that U.S. federal regulators were warned as early as 2003 but did nothing.

`These agencies along with Stanford have robbed me of my American dream,` Craig Nelson, a 55-year-old resident of Magnolia Springs, Alabama, testified. `I feel the U.S. government is responsible for my loss.` Nelson.

`The system absolutely failed us and now we are left destitute, defrauded and dependent on others,` Troy Lillie, a retired Exxon Mobil refinery worker from Maurice, Louisiana, was quoted by the AP as saying.

Their comments came as a former Stanford Group financial adviser testified that she came forward in 2003 with allegations that Stanford was operating a Ponzi scheme and was largely ignored by securities regulators.

Leyla Wydler said she also repeated a similar allegation to the SEC in 2004 but again was ignored.
Sir Allen remains in a Texas jail awaiting trial on 21 criminal charges related to an alleged $7 billion Ponzi scheme involving certificates of deposit issued by his bank in Antigua.

He has insisted he is innocent.

 

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