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Thursday, January 27, 2011

OPEN LETTER TO STANFORD INVESTORS REGARDING FTCA CLAIMS AGAINST THE UNITED STATES SECURITIES AND EXCHANGE COMISSION

Dear Stanford Investors,

There have been some very critical accusations from some of the Stanford investor groups; some of their attorneys; and even the Stanford investors committee; relating to the Stanford FTCA claims, some of which are clearly intended to discredit the investors behind this effort to inform and encourage you to preserve your rights to claim against the SEC, by filing an administrative claim.

As one of the instigators of this course of action, I think it is time that some of the false and misleading claims are put to rest, and suggest that searching questions be raised of the motivation of some of the individuals who are behind these accusations.

On the 15th November 2010, little more than two months ago, I wrote to the Stanford Investors Committee (SIC) and enquired if they had any intention of taking any action against the SEC, given the damning OIG report and the pending expiration of the statute of limitations. I still await a reply to that letter; however, following a later discussion with one of the attorney members of that committee, it was apparent the committee had no intention of commencing any such action to protect us.

Shortly afterwards, I got together with a small group of like-minded investors to search for a new attorney to represent us in a claim against the SEC. First there were attempts to have us gagged, which we had to overcome. Since then we have worked night and day, to bring together a workable solution that may benefit all the Stanford investors.

The number of attorneys with relevant experience of successful claims against the SEC are few. Lengthy discussions followed with Dr Gaytri Kachroo of Kachroo Legal Services (KLS), following the FTCA claims KLS had submitted for 500 Madoff investors, and we were all impressed; not just by her excellent academic achievements, but by the way she had reached the higher echelons of her chosen profession, yet managed to maintain a caring attitude; was willing to go the distance for us, and most importantly, had already represented investors in two actions against the SEC and/or the US government to successful settlement, and had very plausible arguments that we may succeed with an FTCA claim against the SEC.

Around the same time Angela Kogutt aka Angela Shaw, of the Stanford Victims Coalition (SVC) also approached Dr Kachroo, having seen the press releases relating to the Madoff victims claims. The support of the SVC was initially proffered, and Dr Kachroo was invited to address the SIC, with a view to filing protective FTCA claims for each of the Stanford investors. At that meeting, SIC attorneys all indicated they had no intention of themselves pursuing an action against the SEC because they were all involved in litigating other actions for Stanford investors. They considered Dr. Kachroo to be optimally positioned to take on this action. This created some hope that all Stanford investors could commonly join in the SEC claims process through one channel and action. Covisal, in Latin America, was also invited around this time to participate in the process.

I have no wish to dwell over all the water that has passed under the bridge since then, but our initial hopes that this action may unite all the various investor associations in a common cause were clearly misplaced.

Instead, we have been subjected to a barrage of defamatory internet attacks, mostly anonymous; including accusations of impropriety, amongst many others, all intended to discredit us. Investors who have exercised their right to join us have been threatened, and apparently some of us are now to face legal action.

I could have understood if these attempts to discredit us, and threats of legal recourse, had been at the instigation of the institution we hold responsible for our losses, but I am dismayed they are almost entirely from individuals who purport to be working in the best interests of the Stanford investors. How can they claim to be doing so by trying to silence us? What is the motivation behind these attacks, and why are they reluctant for Stanford investors to preserve their rights to any recovery?

Since we embarked on this course of action, all we have ever wished, is to make as many Stanford investors as possible aware of this possibility for recovery, and enable your to make your own educated decisions how best you may preserve your rights of recovery against the SEC, before the statute of limitations expires.

As far as the Stanford Investors Committee is concerned, I really would like to know why the preservation of all Stanford investors' interests was not encouraged by them long before, and why exactly are SIC members only now purporting to do so now, at the last moment, and then only after our attorney has agreed to take the case? If that committee really is acting in our best interests, why do they refuse to support the one attorney who truly believes in our cause? Furthermore, if we had not instigated this action, would they have simply allowed the statute of limitations to slip quietly by, and all the investor’s rights along with it?

To those investors who have decided to ‘self-file’ their own claims, I wish you well, and hope you have done your research. If you have not, and have allowed yourselves to be railroaded into an action you do not fully understand, and it all goes wrong, who will you blame; yourself, or those who persuaded you it was easy to do it yourself?

To those investors who understand the risks, yet have chosen to file with a different attorney, I wish you well too, yet I do not understand why any investor would willingly choose an attorney who is not prepared to litigate their claim.

To the investors who have joined us, and have realized the common sense of registering with KLS, I wish you the best of all. It is your willingness to participate that has created the critical mass we needed to ensure this action can now go all the way. Thank you all.

To those of you who have yet to decide what is best for yourselves, please make your decision sooner rather than later. You have less than three weeks before the statute of limitations expires, after which you will be barred forever from claiming your losses against the SEC, and if you decide to join us you are all very welcome. Here is Kachroo Legal Services email one last time: info@kachroolegal.com and if you wish to read more of the arguments and discussions, please visit http://stanfordsforgottenvictims.blogspot.com or register for our private forum, which is free of charge and open to all bona-fide Stanford investors: http://svg.creatuforo.com/profile.php?mode=register


Lest anyone else allege I am hiding behind any facades, here is my email address, and I will strive to get back to everyone who may be interested enough to drop me a line, time permitting:

stanfordvictim.richard@gmail.com

Richard Watson
27th January 2011

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