JACKSON – Tupelo’s Walt Walton says he’s found out what he thought all along: He’s not going to recover any of his Stanford investments without suing his local financial adviser.
Walton and at least 100 others squeezed into a State Capitol meeting room today to get as much information as they could about what’s happening to help them recover millions in personal investments and retirement funds lost in Stanford certificates of deposit when the company crashed under a federal investigation in February.
Al Pleasants of Tupelo, who spoke to a panel of three state secretaries of state, says he lost his $425,000 and wants to know why his adviser didn’t tell him to cash in before it was too late.
Now, in his 60s, he says he’s got to try to start over again.
CEO Allen Stanford, four company executives and an Antiguan regulator are accused of defrauding thousands of investors in a $7.2 billion Ponzi scheme.
Hearing participants asked officials to help them recover their losses and to support legislation to prevent this from happening to any one else.
Read more in Tuesday’s NEMS Daily Journal newspaper.
States push for more oversight after Stanford
The Associated Press
JACKSON — Some of the nation’s secretaries of state want Congress to change regulations that kept them out of the loop during a federal probe of the Stanford Financial Group’s Ponzi scheme.
Financier R. Allen Stanford and other executives are accused of advising clients to invest more than $7 billion in bogus certificates of deposit from the Stanford International Bank in the Caribbean island of Antigua.
Mississippi Secretary of State Delbert Hosemann says his office was never informed about concerns the Securities and Exchange Commission had about Stanford. If it had, he would have investigated. Hosemann wants Congress to restore a state review of private securities that are currently exempt from such oversight.
Hosemann and other members of the National Association of Secretaries of State held a hearing Monday in Jackson.
Patsy R. Brumfield / Daily Journal