A response from the Stanford Victims Coalition to the $19.9 million request for fees and expenses from the receiver that we couldn’t get in time for our daily story:
“It appears Ralph Janvey has taken his orders to “acquire and take control over the Estate’s assets” quite literally.
The innocent investors who have lost their life’s savings in the Stanford fraud case are basically shocked by the motion for payment of $20 million in expenses associated with collecting what has turned out to be a small fraction of their actual investments. Excluding assets also claimed by the Antiguan liquidator Vantis PLC, Ralph Janvey has only reported $66.5 million in cash, some unnamed real estate, Stanford’s aircraft and coins and bullion of unknown value.
This cash amount, which has dwindled from the $90 million reported on February 27, is not substantial enough to warrant fees of what equates to $222,000 a day. At this rate, the expenses associated with collecting the very limited assets will outweigh the recovery very soon.
We are also astonished by the seemingly extensive time reported by the receiver to “comply with requests for information and assistance from various federal law enforcement and other government agencies, including the SEC, FBI, Department of Justice, Internal Revenue Service, Drug Enforcement Administration, Postal Inspectors, Department of the Treasury, and Board of Governors of the Federal Reserve System.” The resources for these efforts are government expenses for their own investigations and should not the responsibility of the victims of this fraud. Had these government agencies properly regulated Stanford’s companies, the victims would not be in the current situation we now face. It adds insult to injury to see expenses associated with providing information to the Financial Industry Regulatory Authority when that agency deeply contributed to our losses by not properly enforcing critical compliance issues and overlooking serious infractions found in their own investigations.
Factor in the “ongoing inquiries and investigations from at least twenty four different state securities and banking regulators in nineteen states” and coordinated efforts with “officials in Canada, Columbia, the Eastern Caribbean, Ecuador, Guatemala, Israel, Mexico, Panama, Peru, and Venezuela regarding Estate assets and legal issues in those jurisdictions,” and it appears Stanford victims are now paying dearly for the very investigations that failed to occur under the watch of these governments.
The defrauded Stanford investors continue to be victimized in this case. We were not protected by the government agencies charged with regulating Stanford’s operations and now we seem to be paying for the clean-up job. We seem to have no voice or relevance in any aspect of this case. Where is the justice in this?
Sincerely,
Michael Kogutt
Stanford Victims Coalition
Seeking Justice for International Fraud
Source: http://blogs.chron.com/stanford/2009/05/stanford_investors_respond_to.html
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