The Louisiana Stanford Victims Group is in Washington, D.C., this week to meet with the Louisiana Congressional delegation. The victims group, largely comprised of retirees who lost their IRA and retirement funds in the alleged Ponzi scheme, is working with legislators to lobby for support of five primary objectives:
—Protection under the Securities Investor Protection Corporation Coverage;
—IRS relief for the total loss of a retirement account, rather than partial loss;
—Swift resolution from the Stanford financial receivership;
—A hearing before Congress on the events surrounding the Stanford Financial case, including the failure of existing regulatory systems to catch and remedy the fraud; and
—Public support from leaders for the victims and the resolution of their losses.
Kim Scullin, a member of the LSVG and a Baton Rouge resident says, “We know we have our work cut out for us, but we know that we have a case. We have facts. We have documents.” Scullin, who is in D.C. meeting with legislators, says the group hopes to find out how the fraud occurred under so much regulatory oversight at the state and federal level, so that nothing like this fraud ever occurs again. Scullin says she is encouraged by the level of response the group has received from Louisiana legislators, with the exception of U.S. Sen. Mary Landrieu, who the group claims has failed to respond to any of their requests for meetings.—Olivia Watkins
