Since the Feb. 17 raid of Stanford Financial Group’s Houston offices, the fallout of Stanford Group Company and its Capital Region employees has continued to intensify. Louisiana Attorney General Buddy Caldwell announced today that his office would conduct a formal criminal investigation of the Louisiana-based Stanford Group Company. The attorney general’s office will specifically look for violations of state law in regards to the operation of the Stanford Group Company and the Stanford Trust Company.
Caldwell is asking victims of Stanford within the state to fill out a form available on his Web site here. “In order to fully investigate this case and ultimately hold those responsible for what occurred, we need to develop a complete and accurate list of potential victims and their experiences with the Stanford Group,” says David Caldwell, head of the public corruption and special prosecutions unit.
Within the Capital Region alone, there may be upwards of 400 oil and gas and chemical plant retirees who lost much, if not all, of their retirement savings. To read the Business Report cover story on the Stanford companies’ birth and impact on Baton Rouge, click here.—Olivia Watkins
