COALICION VICTIMAS DE STANFORD AMERICA LATINA (COVISAL)

FOR IMMEDIATE RELEASE

The SEC’s Undeniable Responsibility Before The Stanford Victims

Caracas, VENEZUELA. June 08, 2011. The Coalición Víctimas de Stanford América Latina
("COVISAL"), created by the necessity to defend the rights of the non-US Stanford victims,
raised its voice in protest before the audacity of the American justice to leave the gross
negligence of the U.S. Securities and Exchange Commission (“SEC”) in the Stanford Case
unpunished by taking refuge in the archaic Doctrine of Sovereign Immunity, embedded in the
jurisprudence of the United States.

According to the United States Motion to Dismiss and the Supporting Brief of the Original
Complaint – Federal Tort Claims Act (“FTCA”) presented by Robert Dartez, LLC ET. AL. (US
Stanford victims) against the United States of America; the legal team from the Department of
Justice (“DOJ”) stated, “The FTCA is a limited waiver of sovereign immunity that must be strictly
construed in the United States’ favor”.

According to Jaime R. Escalona, founder and leader of COVISAL, “This argument is detrimental
to investors around the world, who believe that their investments are protected by the U.S.
regulatory agencies. In our case this means that any Stanford victim cannot sue the SEC without
the consent of the government of the United States.”

“Lawsuit Robert Dartez, LLC ET. AL. v. The United States of America” – Case No. 3:11-cv-
00602-L . Document 1. Filed on 03/24/11:
http://es.scribd.com/doc/51537025/Stanford-Investors-v-USA
“United States of Americas’ Motion to Dismiss and Supporting Brief – Lawsuit Robert Dartez,
LLC ET. AL. v. United States of America – Case No. 3:11-cv-00602-L. Document 10. Filed
04/07/2011:
http://es.scribd.com/doc/52611938/DartezvUSA-MotiontoDismiss

In this sense Escalona added, “On May 26, I expressed in writing to the SEC’s Directors and a
group of Legislators of the U.S. Congress, my embarrassment as a U.S. citizen by the lack of
honesty, integrity, impartiality and the wrong doing of high ranking officials of the legislative,
regulatory and justice entities of the U.S. Government, that for more a decade allowed the
vertiginous growth of the pyramidal fraud perpetrated by R. Allen Stanford.”

In order to read the model letter you may access the following links:
In Spanish: http://es.scribd.com/doc/56489340/
In English: http://es.scribd.com/doc/56489179/

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 COALICION VICTIMAS DE STANFORD AMERICA LATINA (COVISAL)

COVISAL based its protest on the shocking testimony of Ms. Julie Preuitt. Last May 13, before
the Hearing of the House Subcommittee on Financial Services – Supervision and Investigations,
Ms. Julie Preuitt, responsible in 1997 for the SEC’s Examinations Program for Broker-Dealers
at the Regional Office of the SEC in Fort Worth, Texas, explained that the SEC incurred gross
negligence for not considering the “red flags” which were detected in the examinations
performed on Stanford during the years 1997, 1998, 2002 and 2004, and for not investigating
the complaints warning of the vertiginous growth of the Ponzi scheme.

Ms. Preuitt, at the Hearing, ended her testimony saying: “While I served with honor and integrity,
I paid a high price for complaining. I believed my transfer to a new position, where I was
excluded and ignored, was an attempt to get me out of the SEC.”

Before this monstrous situation COVISAL asks:

“How can an archaic, illogical and legally inexcusable Governmental Immunity crush the Canons
of Ethics required of SEC employees in the performance of their work? Is it just that because of
gross negligence from a governmental wrongdoer, an innocent investor is denied her day in
court? Are the wrongdoers at the SEC perhaps a privileged class free of responsibility for the
harm caused to thousands of innocent families that are today Stanford's victims?

Why have the non-US victims, in its majority innocent Latin American elderly, who conform
84.34% of the total Stanford victims, never been heard at any of the hearings? Is this not
exclusion? Did the wrongful failures by the SEC only affect US victims?”

Finally, Escalona concluded, “COVISAL begs the US Government to accept responsibility for all
the Stanford victims (US and foreign), and in consequence, do the due diligence so that the
Stanford entities can be substantially consolidated for a liquidation under the Securities Investor
Protection Act (“SIPA”) ”) without any more delays, in order that all the Stanford victims, clients
or not of the Stanford Group Company (“SGC”), can receive an economic relief from the
Securities Investor Protection Corporation (“SIPC”) under equal conditions.”

Contact:
Jaime R. Escalona
http://es.scribd.com/doc/52189704/
Twitter: @COVISAL
jaenrodes@gmail.com victimasdestanford@gmail.com
TEXAS: (512) 377 9255 (512) 377 6133

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