Seven lawmakers on Monday asked the Justice Department to investigate whether a Swiss bank is illegally blocking the transfer of restitution funds for victims of the second-largest Ponzi scheme in United States history.
In a Monday letter, representatives from both parties asked Attorney General Jeff Sessions
Jefferson (Jeff) Beauregard SessionsBiden fact checks Trump on 545 families separated at border, calls policy 'criminal' Harris walks fine line on Barrett as election nears The Hill's Morning Report - Sponsored by Facebook - Trump's erratic tweets upend stimulus talks; COVID-19 spreads in White House MORE to review whether Swiss bank Societe Generale is complying with a 2013 settlement meant to return a major portion of $210 million to victims of Allen Stanford’s pyramid investment scheme.
The lawmakers asked Sessions “to review this issue and re-engage on behalf of U.S. victims to expedite the return of the frozen assets so they can be properly distributed.”
Stanford stole billions from customers who thought they were purchasing certificates of deposit with Antiguan Stanford International Bank. But Stanford enriched himself off the $8 billion investment scheme; he was convicted of charges in 2012 and is now serving a 110-year sentence in federal prison.
Groups representing Stanford’s victims are suing several banks that Stanford used to transfer American dollars into private offshore accounts. An affiliate of Societe Generale held roughly $210 million of the stolen money, much of which was supposed to be transferred to U.S and Antiguan officials for later restitution to victims.
The signatories on Monday's letter were Louisiana Reps. Mike Johnson (R) and Cedric Richmond (D), Rep. Matt Gaetz (R-Fla.), and Texas Reps. Louie Gohmert
Louis (Louie) Buller GohmertMichigan Republican isolating after positive coronavirus test GOP Rep. Mike Bost tests positive for COVID-19 Democratic Rep. Carbajal tests positive for COVID-19 MORE (R), Rep. Sheila Jackson Lee
Sheila Jackson LeePocan won't seek another term as Progressive Caucus co-chair Grand jury charges no officers in Breonna Taylor death Hillicon Valley: Murky TikTok deal raises questions about China's role | Twitter investigating automated image previews over apparent algorithmic bias | House approves bill making hacking federal voting systems a crime MORE (D), Ted Poe
Lloyd (Ted) Theodore PoeSheila Jackson Lee tops colleagues in House floor speaking days over past decade Senate Dem to reintroduce bill with new name after 'My Little Pony' confusion Texas New Members 2019 MORE (R) and John Ratcliffe (R).
Monday’s letter is the second effort in two weeks from lawmakers to ask executive branch officials to intervene in the Stanford aftermath.
Four members of the House Financial Services Committee asked Acting Comptroller Keith Noreika to review TD Bank’s role in Stanford’s scheme.
