Stanford victims tape stories

• By BILL LODGE
• Advocate staff writer
• Published: Jun 8, 2009

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WATSON — Dozens of people walked Sunday into the legislative office of state Rep. Bodi White. All had lost retirement savings invested with Texas billionaire and Caribbean financier Robert Allen Stanford.

And all wanted White, R-Central, other state legislators and members of Louisiana’s congressional delegation to know how the multibillion-dollar collapse of Stanford’s bank on the island of Antigua in February instantly turned their retirement dreams into nightmares.

Several people asked for the same three things — tougher regulation of financial markets, imprisonment of any criminal offenders and help in recovering Stanford assets around the world.

The outcome of the Stanford case will affect thousands of people in Baton Rouge and other Louisiana cities.

“I do feel the regulatory agencies on both the national and state levels definitely let the victims of Stanford down,” said Troy Lillie, a 59-year-old ExxonMobil retiree. “We thought this was rock solid.”

Lillie, who lives in Maurice with his 58-year-old wife Melanie, said: “I hope that all of the evidence on what happened comes out. If there are criminal actions needed, I hope they go to the people who are guilty here.”

The Securities and Exchange Commission has alleged since February that Stanford engaged in a massive fraud that cost his investors about $9 billion through Stanford International Bank and related companies. Stanford has publicly denied that allegation. He has refused to cooperate with investigators.

Baton Rouge retiree Richard Cochran, 77, expressed no doubts Sunday about what happened to money saved from a 47-year career spent with construction companies.

“He (Stanford) didn’t only steal my money,” Cochran said. “He stole my life. Without money, there’s no life.
“I have enough right now to live for four years,” the Korean War veteran added. “After that, I’ll either be working again or dead.”

White said he was happy to permit the retirees to use his office Sunday to videotape investors’ descriptions of their loss of retirement nest eggs, trust and hope.

Prior to Sunday’s event, White had sponsored House Bill 297, which now is pending on the Senate floor.

White explained Sunday that the legislation would classify as racketeering crimes all Ponzi schemes and other frauds against retirees and people nearing retirement.

If a racketeer steals as much as $10,000 from such residents, White said conviction under the proposed law would be accompanied by a mandatory minimum sentence of at least five years in state prison without the benefit of probation or parole.