Members of the Stanford Victims Coalition have purchased an advertisement in the Wall Street Journal to ask President Barack Obama for help. The full-page ad, which ran only in the Washington, D.C., area, reiterates the recent news that numerous government agencies were either aware or investigating Stanford Financial Group for various crimes or securities violations as early as 1999. The letter calls for the president to find a way in which to help the victims recover from the alleged fraud. “We are not asking for a bailout. We simply want to get back what is rightfully ours,” the letter says. To read a full copy of the letter, click here.
Meanwhile, James Davis, Stanford’s CFO, pleaded not guilty to charges, including securities fraud, wire fraud, conspiracy to obstruct an SEC fraud investigation and conspiracy to commit mail fraud. Despite his plea of not guilty, those present at the hearing say he was apologetic for his role in what the SEC has called an $8 billion Ponzi scheme. His $500,000 bail only required a $5,000 deposit. Davis is expected back in court next week to enter pleas of guilty on three charges related to the alleged fraud. U.S. District Court Judge David Hittner, overseeing Davis’ case, has set a cutoff date for Stanford victims to enter requests to speak before or submit statements to be read at Davis’ sentencing Aug. 6. To read more, click here.—Olivia Watkins
