We want to take this opportunity to share some information that could significantly impact any recovery efforts of the money lost in Stanford International Bank-Antigua CDs. We will not recover more than 5 percent of our investments if we don’t act immediately.
We have a limited time to make our case to our governments. In the U.S., we must get suport at the state and national levels to build awareness and legislative change for our cause. Internationally, we must get other governments to support our efforts and put pressure on Antigua to back our deposits.
For investors outside the U.S., you must try to get your government officials to do something to help the SIB depositors in your country. Latin American investors will be receiving information from the new SVC LA directors (see story below) outlining specific initiatives.
- Stanford Group (SIPC member) has not gone in to liquidation under the Securities Investor Protect Act of 1970.
- Stanford International Bank Antigua was not an SIPC member.
- SIPC covers only securities held in an SIPC-member brokerage account. While SCG was an SIPC member, the SIB CDs were not technically held in the brokerage account. According to some experts, if the money to fund your SIB CDs was transferred from your SGC brokerage account, you might have a case under the current rules, but it might be limited to the $100,000 cash loss provision rather than the $500,000 securities loss provision.
IRS theft loss provisions under the Internal Revenue Code section 165 allow U.S. taxpayers to reclaim taxes paid in previous years (up to 5 in the current “Safe Haven” guidelines extended to Madoff victims). SVC U.S. is requesting these deductions be allowed to be taken back as many years as it would take to recover our losses. The IRS must give permission for Stanford victims to deduct thier losses under this provision. This may only happen after Allen Stanford is indicted.
U.S. depositors need to contact their Congressman and Senators as well as their state level officials as each state had responsibility to monitor the brokers selling securities in their jurisdiciton.
In the Madoff case, New York Senator Charles Schummer was the advocate for the victims. A large number of them were in New York. He worked with his colleagues in the House and Senate to get relief for the victims. Senator Schumer calling the Madoff case “a punch in the gut” to the financial system and castigated the S.E.C. for its failure to uncover the scheme. We need our “Schummer,” but this will only happen if we pressure our politicians!
We need each and every one of us pressuring our governments to to get us relief or we will NOT see our money back. Your SVC leaders will provide you with all the materials you need to follow through with these initiatives.
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