Tupelo’s Walt Walton plans to be in Jackson on Oct. 5 as a victim of the Stanford financial scandal.
He and other former Stanford investors have been invited to a public hearing set for 1-2:30 p.m. in Room 113 of the State Capitol.
Secretary of State Delbert Hosemann will host the event to hear from the victims, and Walton knows what he’ll say, if he’s given the chance.
“I’ll tell them – it won’t take long – exactly what happened with my investments,” he said Friday.
Walton and some 30,000 others lost substantial investments in February when the U.S. Securities and Exchange Commission shut down operations and seized corporate and personal assets of international investment company Stanford Financial Group and its Antigua-based Stanford International Bank Ltd.
In June, Stanford CEO Allen Stanford, an Antiguan regulator and four top executives, including two Baldwyn residents, were indicted by a federal grand jury. They are accused of masterminding a $7 billion Ponzi scheme through the sale of bogus certificates of deposit.
In an active Lee County lawsuit, Walton claims he lost his entire retirement fund of $430,183 in Stanford CDs and was forced back to work at age 74.
Mississippi reportedly has more than 2,000 investors who reportedly lost nearly $400 million in the crash.
The state agency’s goal is to compile concerns into a report, which will be distributed to other states, regulatory agencies and legislators.
Anyone who plans to attend or ask questions should contact Pamela Weaver, SOS communications director at (601) 359-6349 or at email@example.com.
Trey Grayson of Kentucky, president of the National Association of Secretaries of State, also is expected to attend.
Walton thinks the hearing is a good idea.
“At least it will let a very large group of people vent their feelings,” he said.
Contact Patsy R. Brumfield at (662) 678-1596 or firstname.lastname@example.org. For more developments on the Stanford case, read her blog, From the Front Row, at NEMS360.com.
Patsy R. Brumfied/NEMS Daily Journal