The SEC Violated its Sacred Mission to Protect the Stanford Investors and Now Continues to Deny their Rights Caracas, VENEZUELA. August 14, 2.011. The Coalición Víctimas de Stanford América Latina (“COVISAL”), created to defend the rights of the non-US victims, indignantly rejects the “discriminatory” decision of the Securities and Exchange Commission (“SEC”). The SEC is forcing the Securities Investor Protection Corporation (“SIPC”) to provide an economic relief up to $500,000 only to those investors with brokerage accounts at the Stanford Group Company in the United States (“SGC USA”) and certificates of deposit (“CDs”) from the Stanford International Bank Limited (“SIBL”), purchased through the SGC USA, and will exclude more than 80% of the total Stanford’s victims defrauded with the same CDs from the SIBL. Jaime R. Escalona, founder and leader of COVISAL said, “The SEC violated its sacred mission to protect us and now has the audacity to deny our rights.” It is inexplicable that the SEC, after incorporating the arguments in its Analysis of June 15, 2011, concluding that the corporate structure of the Stanford’s entities should be ignored because it was part of the Ponzi scheme and that the fictitious CDs from SIBL were the vehicle to defraud all 27,977 Stanford victims in the same manner, made a “political” decision contrary to its legal analysis, separating the SGC USA from the rest of the Stanford companies with the sole purpose of providing clients of the SGC USA a “privileged” status. To expand on this information, please read the “Analysis of Securities Investor Protection Act Coverage for Stanford Group Company”, elaborated by the SEC – Date: June 15, 2011; at the following link: To highlight its rejection and demand an economic relief for all the Stanford victims (without exclusion), COVISAL sent letters to the SIPC’s Board of Directors, all of whom will vote next September 15 in favor or against the liquidation of the SGC USA under the Securities Investor Protection Act (“SIPA”).


In addition, COVISAL expressed its indignation before the SIPC’s President and CEO, the Vice President and the General Counsel, the SEC’s Chairman and her directors, and the U.S. Legislators that have supported the U.S. victims in the Stanford Case. To read the letter sent to SIPC’s Board of Directors, please access the following links: In English: In Spanish: To read the letter sent to the SEC, please access the following links: In English: In Spanish: To read the letter sent to U.S. Legislators, please access the following links: In English: In Spanish: It is evident that for twelve (12) years R. Allen Stanford outwitted the SEC by ensuring that the laws were not applied to stop him. During this period the SEC violated its sacred mission “to protect the public investors” and now ironically the SEC is determined to exclude thousands of innocent families from an economic relief – families that were not protected because of the SEC’s gross negligence. COVISAL asks - Is this the road to recover the SEC’s credibility and trust from the domestic and international public investors? “We pray to God that ethics prevails over the arbitrary and unjust decisions of the SEC, and that conscience is the instrument to impart justice in this social tragedy”, expressed the Stanford victims.
God Bless the tears of the thousands of innocent families - victims of a fraud that still continues! Contact: Jaime R. Escalona
Twitter: @COVISAL Caracas: (58 412) 617 2438 ### TEXAS: (512) 377 9255


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