Louisiana congressional representatives gathered in the State Capitol this afternoon to discuss the recent indictment of Robert Allen Stanford and five other individuals. Rep. Bodi White, R-Denham Springs, spoke in support of the letter sent to the Securities & Exchange Commission by the Louisiana Congressional Delegation, authored by Rep. Bill Cassidy. Representatives from the Louisiana Stanford Victims Group were also present to voice their support for the political measures taken in recent days in support of the thousands of Stanford investors defrauded by the alleged $7 billion Ponzi scheme.
David Caldwell, head of the public corruption and special prosecutions unit with the Office of the Louisiana Attorney General, urged victims not to assume the federal prosecution would stop the statewide investigation into local brokers and advisers. “The feds may be going after the whales,” he said, “but we’re going after the sharks.”
Stanford was indicted today on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery. Also indicted from Stanford Financial Group are chief investment officer Laura Pendergest-Holt, global controller Mark Kuhrt, chief accounting officer Gilberto Lopez and a former administrator Leroy King. A former administrator of Antigua’s Financial Services Regulatory Commission was also charged.
If convicted on all counts, Stanford could face up to 250 years in prison.—Olivia Watkins
