The Securities and Exchange Commission [SEC] was told to stand down in its investigation of billionaire financier Robert Allen Stanford’s global banking empire by the Department of Justice, according to the chairman of the Domestic Policy Subcommittee of the Oversight and Government Reform Committee.
The SEC received numerous reports of the fraud being carried on by Stanford Group over the past decade and the least they could have done was disclose that information so investors could make an informed decision.
|Instead, the SEC became an accomplice to the fraud that has resulted in the loss of 28,000 investors’ retirement accounts, family trusts, pension plans and college savings.
“For over a decade, the US government, including the DOJ (Department of Justice), the Treasury and the SEC had solid evidence of Robert Allen Stanford’s alleged criminal activities and investors were never warned. Whether Robert Allen Stanford is guilty or not, the reality is that our entire life’s savings is lost and these victims relied on information from the US government agencies when making the decision to invest with Stanford Group. These agencies did not disclose critical information that would have prevented us from losing our life’s savings.”
“The entire world is watching how the American judicial and financial regulatory system will handle the debilitating losses of victims of massive fraud like the Stanford case. These victims have been denied help by the US government and are now facing a long road to an extremely limited recovery”.