III 

111TH CONGRESS 

1ST SESSION S. RES. 362 

Expressing the sense of the Senate that the Secretary of the Treasury 

should direct the United States Executive Directors to the International 

Monetary Fund and the World Bank to use the voice and vote of 

the United States to oppose making any loans to the Government of 

Antigua and Barbuda until that Government cooperates with the United 

States and compensates the victims of the Stanford Financial Group 

fraud. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 30, 2009 

Mr. SHELBY (for himself, Mr. VITTER, Mr. COCHRAN, Mr. CORNYN, Mrs. 

HUTCHISON, Mr. ISAKSON, Mrs. SHAHEEN, and Mr. WICKER) submitted 

the following resolution; which was referred to the Committee on Foreign 

Relations 

RESOLUTION 

Expressing the sense of the Senate that the Secretary of 

the Treasury should direct the United States Executive 

Directors to the International Monetary Fund and the 

World Bank to use the voice and vote of the United 

States to oppose making any loans to the Government 

of Antigua and Barbuda until that Government cooperates with the United States and compensates the victims 

of the Stanford Financial Group fraud. 

Whereas thousands of investors, many of them in the United 

States, lost billions of dollars that they invested in fraudulent Stanford International Bank certificates of deposit; 


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Whereas Allen Stanford had close ties with the Government 

of Antigua and Barbuda and, among other things, Mr. 

Stanford is alleged to have loaned at least $85,000,000 

to the Government of Antigua and Barbuda, which likely 

came from investor funds; 

Whereas the relationship of the Stanford Financial Group 

with the Government of Antigua and Barbuda was described in a joint statement by the Stanford Financial 

Group and the Cabinet of Antigua and Barbuda as a 

‘‘productive and mutually beneficial relationship’’; 

Whereas the United States Securities and Exchange Commission alleged that Leroy King, the chief executive officer 

of the Financial Services Regulatory Commission of Antigua and Barbuda, was bribed by Mr. Stanford not to investigate the Stanford International Bank, to provide Mr. 

Stanford with access to the Financial Services Regulatory 

Commission’s confidential files, to allow Mr. Stanford to 

dictate the Financial Services Regulatory Commission’s 

responses to inquiries by the Securities and Exchange 

Commission about the Stanford International Bank, and 

to withhold information from the Securities and Exchange Commission; 

Whereas, after the fraud allegedly perpetrated by the Stanford Financial Group was made public, the Government 

of Antigua and Barbuda seized Stanford property in Antigua and Barbuda worth up to several hundred million 

dollars; 

Whereas, in an October 28, 2009, report, the United States 

court-appointed receiver, Ralph Janvey, reported that 

‘‘the total of all cash collected is $128.8 million, of which 

$71.5 million remains on hand after payment of expenses’’, which falls far short of investor losses; 


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Whereas Janvey’s report also noted that ‘‘the Antiguan liquidators object to every attempt to secure and liquidate 

assets, world-wide’’, and ‘‘[t]he government of Antigua 

refuses to recognize US orders even as to entities for 

which there is no other owner i.e. the Antiguan liquidators were only appointed to liquidate two of the more 

than 150 Stanford entities, but we are hindered by Antigua’s refusal to recognize the Court’s orders even as to 

non-disputed entities’’; and 

Whereas the Government of Antigua and Barbuda is seeking 

loans from the International Monetary Fund and the 

World Bank: Now, therefore, be it 

1 Resolved, That it is the sense of the Senate that the 

2 Secretary of the Treasury should direct the United States 

3 Executive Directors to the International Monetary Fund 

4 and World Bank to use the voice and vote of the United 

5 States to ensure that any loan made by the International 

6 Monetary Fund or the World Bank to the Government of 

7 Antigua and Barbuda is conditioned on providing com8 plete redress to the victims of the Stanford Financial 

9 Group fraud, including through— 

10 (1) the full cooperation of the Government of 

11 Antigua and Barbuda and the liquidators appointed 

12 for the liquidation proceeding relating to the Stan13 ford International Bank in Antigua and Barbuda 

14 with the Securities and Exchange Commission, the 

15 Department of Justice, and the United States court16 appointed receiver in investigating the Stanford FiVerDate Nov 24 2008 22:38 Nov 30, 2009 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\SR362.IS SR362

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1 nancial Group fraud and marshaling the assets of 

2 Mr. Stanford and Stanford-affiliated entities; 

3 (2) an agreement by the Government of Anti4 gua and Barbuda to be subject to the jurisdiction 

5 and bound by the judgment of any United States 

6 court or international court that is adjudicating the 

7 claims of victims of the Stanford Financial Group 

8 fraud; 

9 (3) the transfer of the assets seized by the Gov10 ernment of Antigua and Barbuda and the liquida11 tors in Antigua and Barbuda to the United States 

12 court-appointed receiver for the benefit of victims of 

13 the Stanford Financial Group fraud; 

14 (4) a contribution by the Government of Anti15 gua and Barbuda to the United States receivership 

16 estate, for the benefit of victims of the Stanford Fi17 nancial Group fraud, in an amount equal to the 

18 amount of any funds provided to Antigua and Bar19 buda by Mr. Stanford or any Stanford-affiliated en20 tity; and 

21 (5) a contribution by the Government of Anti22 gua and Barbuda to the United States receivership 

23 estate, for the benefit of victims of the Stanford Fi24 nancial Group fraud, in an amount equal to any 

25 payments made by Mr. Stanford or the Stanford FiVerDate Nov 24 2008 22:38 Nov 30, 2009 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\SR362.IS SR362

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1 nancial Group to officials of the Government of An2 tigua and Barbuda for the purpose of subverting 

3 regulatory oversight of the Stanford International 

4 Bank. 

Æ 


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