Houston Stockbroker Fraud Law Firm to Represent Stanford Bank Investors Living in Latin America

In the wake of the US Securities and Exchange Commission’s accusations that R. Allen Stanford allegedly operated multibillion-dollar fraud scheme through Stanford Group. Co., Stanford investors in Ecuador, Panama, and Venezuela have been contacting the Stanford International Bank’s affiliates in their countries in an attempt to close their accounts. Stanford has Latin American offices in Mexico, Venezuela, Peru, Ecuador, Colombia, and Panama. Stanford and his cohorts are accused of selling securities worth $8 billion in certificates through a bank in Antigua.

Among the reactions from certain Stanford affiliates and Latin American governments:
Stanford Bank Venezuela SA, a separate bank that is commercially affiliated with Stanford Financial Group. Co, says it possesses enough liquidity to be in compliance with international and local standards. In Panama, the country’s banking authority says Stanford Bank of Panama SA had $41.8 million in capital in January 2009 (The Panamanian government, however, does not insure the deposits). In Bogota, the securities exchange says that stock transactions by the Stanford Financial Group’s brokerage unit In Columbia appeared to operating per usual last week. Unfortunately, however, thousands of Stanford clients in Latin America may be victims of this international, multibillion-dollar scam.

Venezuela, Peru, Panama, Ecuador, and Colombia have already taken steps against Stanford-owned companies in their countries to help investors. For example, the Venezuelan Finance Minister announced the decision to sell Stanford-owned companies. Meantime, the securities regulator in Peru suspended operations at the local Stanford Financial group office and promised to help secure investors’ funds. Ecuador suspended a Stanford affiliate until claims are resolved or for 30 days.

The Houston-based stockbroker fraud law firm of Shepherd Smith Edwards & Kantas LTD LLP, LP represents investors from all over the world who have been victims of investment fraud. We are committed to representing victims of the $8 billion Stanford fraud scheme in cities throughout the United States and abroad. Rather than filing a class action lawsuit, we are choosing to handle each client’s case on an individual basis-we believe this allows each client to recover more. Contact our Houston, Texas stockbroker fraud lawyers today.

Related Web Resources:
Stanford Bank’s Clients in Latin America Seek Funds, Bloomberg.com, February 17, 2009
Stanford Group Co.