Stanford Investors Seek To Block Antigua’s IMF Loan

  As Antigua and Barbuda awaits final word from the International Monetary Fund (IMF) on a loan it says it needs, victims of the alleged Stanford fraud are trying to stop the twin-island nation from accessing any funds from the lending agency.

In its latest campaign against the island, the Stanford Victims Coalition (SVC), through lawyers from the New York firm Morgenstern & Blue LLC, has written to members of Congress to get help blocking any IMF loan.

Antigua and Barbuda recently held talks with the Washington-based institution and are close to a final deal, although the amount it would receive has not yet been finalised.

But the SVC, an international advocacy group formed after the collapse of Sir Allen Stanford’s empire, wants to prevent Antigua and Barbuda from getting any money unless it takes steps to compensate those who lost their money in the US$8 billion fraud which US authorities said Stanford committed through his Antigua-based Stanford International Bank (SIB).

“We need your assistance in stopping the government of Antigua from avoiding responsibility for its role in this fraud, and actually profiting from it,” they wrote to Democratic Congressman Robert Wexler.

The letter insisted the victims’ losses “flow directly from Antigua’s complicity in this massive fraud” and that it was “unconscionable” for the country to receive aid when there were victims of Stanford’s fraud in the US who were not being compensated for their losses.

Antigua and Barbuda has been a target for Stanford investors ever since the disgraced former billionaire was charged with fraud.

In July, SIB investors filed a lawsuit seeking up to US$24 billion in damages from the island’s government. The SVC said the lawsuit was a message to the Antigua government that it would be held accountable for trying “to turn a blind eye to the investors from around the world who have been devastated by this alleged crime”.

The group has also been appealing directly to US President Barack Obama as they try desperately to recoup the money they’ve lost.

In a full-page, open letter to President Obama in July, they pleaded with him to find a way to help them recover their money.

One Response to Stanford Investors Seek To Block Antigua’s IMF Loan

  1. notesfromthemargin says:

    Interesting, if the US congress blocks the IMF loan to Antigua because of Stanford, what would the implications of that precedent be for the victims of Bernie Madoff?

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