Lies from Stanford Bank (Venezuela)

Associated Press (Caracas) has an article: Descartan en Venezuela impacto por acciones contra Stanford that quotes an unnamed local “spokeswoman” for Stanford Bank (Venezuela ) as saying that:

*Stanford Bank (Venezuela) “does not have any problems. The national bank is managed in Bolivars and its clients are Venezuelan.”

*Stanford Bank (Venezuela) was established three years ago and has 15,000 local clients. (Reports surfaced tonight that Venezuelan depositors could have over $5 billion at risk in SIB/Antigua.)

*All the investments made by Stanford Bank (Venezuela) are supported on Venezuelan laws. (Actually, Stanford Bank (Venezuela) has routinely violated Venezuelan banking laws with complete impunity and possibly even official connivance on a daily basis since it started operating in this country.)

*The spokeswoman “cannot say” if any Venezuelans had funds on deposit at Stanford International Bank in Antigua (which has been intervened). However, Stanford Bank (Venezuela) is not an affiliate of SIB in Antigua. (Perhaps not a direct affiliate, but SIB and Stanford Bank (Venezuela) belong to the same group owned by Sir Allan Stanford; i.e. one hand washes the other.)

*Stanford Bank (Venezuela) has 14 “financial centers” in Caracas and six other Venezuelan cities (…all of which routinely violate Venezuelan banking laws and get away with it. Why? Corrupt or incompetent Venezuelan government financial regulators? Take your pick; probably both.)

In a word: Bullshit!

The Stanford Bank (Venezuela) spokeswoman is uninformed, or is lying.

Stanford Bank (Venezuela) is part of the Stanford Group, which includes SIB in Antigua.

Those interested in truthful & accurate analysis of this unfolding tragedy should consult:

Alex Dalmady’s blog

…and also,

The Devil’s Excrement

Meanwhile, Caracas Gringo was asked tonight by a grieving bilked client of SIB: “What should I do?”

Common sense dictates:

*Withdraw whatever funds you have deposited at Stanford Bank (Venezuela) immediately! (If you believe the official “we’re not affiliated with SIB” excuse, you’re a fool.)

*Consult the SEC’s web page to learn precisely what the SEC has found within Stanford Group (Hint: Another Bernie Madoff!)

*Seek legal counsel immediately from reputable attorneys licensed to practice law in the United States, specifically in the states of Texas, Florida and New York, at least.

And expect to pay through the nose without any guarantees your funds will be recovered. Good lawyers bill top dollar.


About Caracas Gringo

Representing less than 0.00000000001515152% of the world population as of 31 December 2011.
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