III 

112TH CONGRESS 

1ST SESSION S. RES. 346 

Expressing the sense of the Senate regarding the Government of Antigua 

and Barbuda and its actions relating to the Stanford Financial Group fraud. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 8, 2011 

Mr. VITTER (for himself, Mr. SHELBY, Mr. COCHRAN, and Mr. WICKER) submitted the following resolution; which was referred to the Committee on 

Foreign Relations 

RESOLUTION 

Expressing the sense of the Senate regarding the Government of Antigua and Barbuda and its actions relating 

to the Stanford Financial Group fraud. 

Whereas the Government of Antigua and Barbuda has committed numerous acts against the interests of United 

States citizens and operated the financial sector and judicial system of Antigua and Barbuda in a manner that is 

manifestly contrary to the public policy of the United 

States; 

Whereas 20,000 investors, including many United States citizens, lost $7,200,000,000 in an alleged Ponzi scheme involving fictitious certificates of deposit from Stanford 

International Bank, an offshore bank chartered in Antigua and Barbuda; 


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•SRES 346 IS 

Whereas the Government of Antigua and Barbuda violated 

the order of the United States District Court for the 

Northern District of Texas regarding the receivership 

proceeding initiated at the request of the United States 

Securities and Exchange Commission (referred to in this 

preamble as the ‘‘Securities and Exchange Commission’’), 

in which the court took exclusive control of all the assets 

owned by Allen Stanford and Stanford-affiliated entities 

around the world and documents relating to those assets; 

Whereas the Government of Antigua and Barbuda challenged 

the authority of the United States District Court for the 

Northern District of Texas by— 

(1) initiating a separate and competing liquidation 

proceeding for Stanford International Bank; and 

(2) appointing liquidators who have defied the orders of the court in multiple jurisdictions around the 

world by litigating for control of hundreds of millions of 

dollars in bank accounts in the United Kingdom, Switzerland, and Canada; 

Whereas the Government of Antigua and Barbuda challenged 

the authority of the United States Department of Justice 

by seeking to obtain control of hundreds of millions of 

dollars in bank accounts in the United Kingdom, Switzerland, and Canada that had been frozen at the request of 

the Department of Justice in accordance with multilateral criminal asset forfeiture treaties; 

Whereas the courts of Antigua and Barbuda have denied recognition of the United States district court-appointed receiver for all assets of Allen Stanford and Stanford-affiliated entities; 

Whereas the Stanford International Bank liquidators appointed by the Eastern Caribbean Court of Appeals now 


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seek recognition of the Antigua and Barbuda liquidation 

proceeding as a foreign insolvency proceeding under 

chapter 15 of title 11, United States Code, in the United 

States District Court for the Northern District of Texas; 

Whereas the Government of Antigua and Barbuda acknowledged in a statement in March 2010 that— 

(1) Stanford International Bank ‘‘was operating in 

Antigua as a transit point and for purposes of registration and regulation’’; and 

(2) ‘‘[t]he business of Stanford International Bank, 

Ltd. was run from Houston, Texas, and its books maintained in Memphis, Tennessee’’; 

Whereas Allen Stanford, the Stanford Financial Group, and 

the Government of Antigua and Barbuda enjoyed a mutually beneficial business relationship involving numerous 

economic development projects and loans to the government of at least $85,000,000, and forensic accounting reports have identified those loans as having been made 

from Stanford International Bank certificate of deposit 

funds; 

Whereas, in June 2010, the Securities and Exchange Commission alleged that Allen Stanford bribed Leroy King, 

the chief executive officer of the Financial Services Regulatory Commission of Antigua and Barbuda, to persuade 

Leroy King to— 

(1) not investigate Stanford International Bank; 

(2) provide Allen Stanford with access to the confidential files of the Financial Services Regulatory Commission; 

(3) allow Allen Stanford to dictate the response of 

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ies by the Securities and Exchange Commission about 

Stanford International Bank; and 

(4) withhold information from the Securities and 

Exchange Commission; 

Whereas, in June 2010, the United States Department of 

Justice indicted Leroy King on criminal charges and ordered Leroy King to be extradited to the United States; 

Whereas the Government of Antigua and Barbuda has failed 

to complete the process of extraditing Leroy King to the 

United States to stand trial; 

Whereas Dr. Errol Cort, who served as the Minister of Finance of Antigua and Barbuda from 2004 to 2009, allegedly received more than $1,000,000 of fraudulently 

transferred Stanford investor funds either directly or indirectly through his law firm, Cort & Cort; 

Whereas Cort & Cort, the law firm of Dr. Errol Cort, served 

as the official registered agent for Stanford International 

Bank until June 2009; 

Whereas the Government of Antigua and Barbuda, along 

with the Eastern Caribbean Central Bank— 

(1) seized control and possession of the Allen Stanford-owned Bank of Antigua without compensation to the 

United States district court-appointed receiver; 

(2) renamed that bank the ‘‘Eastern Caribbean 

Amalgamated Bank’’; and 

(3) allocated a 40 percent ownership position to the 

Government of Antigua and Barbuda and 60 percent 

ownership to 5 Eastern Caribbean Central Bank member 

banks; 

Whereas, after the fraud that the Stanford Financial Group 

allegedly perpetrated was made public, the Government 


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of Antigua and Barbuda expropriated numerous Allen 

Stanford-owned properties in Antigua and Barbuda 

worth up to several hundred million dollars, and the government has not turned over those properties to the 

United States district court-appointed receiver; 

Whereas the Government of Antigua and Barbuda expropriated without compensation the property known as the 

Half Moon Bay Resort, which is owned by a group of 12 

United States citizens; and 

Whereas the Government of Antigua and Barbuda— 

(1) has sought and obtained loans from the International Bank for Reconstruction and Development and 

the International Development Association (commonly 

known as the ‘‘World Bank’’) and the International Monetary Fund; and 

(2) is the recipient of other direct and indirect aid 

from the United States: Now, therefore, be it 

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

2 (1) provision of all further direct or indirect aid 

3 or assistance, including assistance derived from Fed4 eral funds, by the United States Government to the 

5 Government of Antigua and Barbuda should be sus6 pended until the Government of Antigua and Bar7 buda provides complete redress of the issues de8 scribed in the preamble, including through— 

9 (A) the full cooperation of the Government 

10 of Antigua and Barbuda and any appointee of 

11 that government, including the joint liquidators 

12 of Stanford International Bank, with the 


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1 United States Securities and Exchange Com2 mission, the United States Department of Jus3 tice, the United States district court-appointed 

4 receiver, and the United States district court5 appointed Stanford Investors Committee, in in6 vestigating the Stanford Financial Group fraud 

7 and marshaling the assets of Allen Stanford 

8 and all Stanford-affiliated entities; 

9 (B) an agreement by the Government of 

10 Antigua and Barbuda to be subject to the juris11 diction and bound by the judgment of any 

12 United States court that adjudicates the claims 

13 relating to the Stanford Financial Group fraud; 

14 (C) the transfer of the assets seized by the 

15 Government of Antigua and Barbuda, or ob16 tained by the joint liquidators of Stanford 

17 International Bank, to the United States dis18 trict court-appointed receiver for the benefit of 

19 victims of the Stanford Financial Group fraud; 

20 (D) a contribution by the Government of 

21 Antigua and Barbuda to the United States re22 ceivership estate for the benefit of victims of 

23 the Stanford Financial Group fraud, in an 

24 amount equal to the amount of any funds that 

25 Allen Stanford or any Stanford-affiliated entity 


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1 provided to the Government or government offi2 cials of Antigua and Barbuda; 

3 (E) a contribution by the Government of 

4 Antigua and Barbuda to the United States re5 ceivership estate for the benefit of victims of 

6 the Stanford Financial Group fraud, in an 

7 amount equal to any payments that Allen Stan8 ford or the Stanford Financial Group made to 

9 Leroy King or any other official of the Govern10 ment of Antigua and Barbuda for the purpose 

11 of subverting regulatory oversight of Stanford 

12 International Bank; 

13 (F) the fulfillment by the Government of 

14 Antigua and Barbuda of its obligations relating 

15 to the expropriation of the Half Moon Bay Re16 sort; and 

17 (G) an agreement by the Government of 

18 Antigua and Barbuda to not— 

19 (i) interfere with the receivership com20 menced by the United States Government; 

21 and 

22 (ii) seek control of assets claimed by 

23 the United States Government; and 

24 (2) the Secretary of the Treasury should direct 

25 the United States Executive Directors of the InterVerDate Mar 15 2010 03:00 Dec 09, 2011 Jkt 019200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\SR346.IS SR346

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1 national Bank for Reconstruction and Development 

2 and the International Development Association 

3 (commonly known as the ‘‘World Bank’’) and the 

4 International Monetary Fund to use the voice and 

5 vote of the United States to ensure that any future 

6 loan made by the World Bank or the International 

7 Monetary Fund to the Government of Antigua and 

8 Barbuda is conditioned on providing complete re9 dress of the matters, and satisfaction of the require10 ments, described under paragraph (1). 

Æ 


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