Michael Kogutt 0

Antigua: Back the Stanford International Bank CDs!

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In February 2009, 28,000 citizens from around the world lost their lives savings totaling approximately $7.2 billion that funded certificates of deposit at Stanford International Bank - Antigua (SIB), an institution that was supposedly regulated by the Antiguan government's Financial Services Regulatory Commission. The devasted victims of this fraud ask that Antigua Prime Minister Baldwin Spencer make efforts to back the CDs. These efforts include asking for a loan from the International Monetary Fund and/or the Eastern Caribbean Central Bank and returning the lands that were stolen from the SIB investors. To Prime Minister Spencer: Tens of thousands of families who put their lives savings in an unregulated bank on your island for the past 20 years are now experiencing financial devastation because your government allowed Allen Stanford to write his own rules and operate without proper oversight. Your government did nothing to protect us once our money went to Stanford International Bank-Antigua, a financial institution in your sole jurisdiction. The Financial Regulatory Services Commission was nothing more than a name that allowed your country to effectively rob us of everything we had - a name Allen Stanford himself helped create to fool depositors in to thinking someone would watch over their money. The Stanford Victims Coalition formally request the Antiguan government immediately release or purchase all assets located on your island that were part of Allen Stanford's empire, including Stanford International Bank, the Bank of Antigua, the island of Guiana and the numerous other properties and businesses that were funded with our investments in SIB certificates of deposit. The money our members put in SIB have contributed significantly to your country's economic growth and stability over the past two decades. Our money created jobs and tourism dollars your citizens have tremendously benefited from. It is quite evident the FSRC did not regulate or audit SIB and allowed the bank to become insolvent under their watch. This further supports our claims that your government is entirely responsible for our losses. Our deposits were your responsibility to protect. Your local laws, as well as international laws, are very clear that Antigua and Barbuda's government has complete and total responsibility for deposits made in a bank on your island. The Stanford Victims Coalition demands the government of Antigua and Barbuda repay all investment losses that are a result the FSRC's gross negligence.




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