Senators Demand Immediate Restitution From Bank Victims

WASHINGTON, D.C. – U.S. Senators John Kennedy (R-La.) and Bill Cassidy, M.D. (R-La.), are demanding that Toronto-Dominion Bank provide a plan within 21 days for paying restitution to the thousands of people – including many Louisianans – who lost their life savings in the Stanford Ponzi scheme.

The demand letter to Toronto-Dominion Bank is part of a multi-layered strategy by  Kennedy and Cassidy to recover money for victims defrauded by Stanford International Bank and Allen Stanford. Stanford victims lost more than $5 billion. They’ve recovered just a few cents for every dollar they lost.

Toronto-Dominion Bank provided banking services to Stanford without questioning suspicious activity, including unreasonably high investment returns, large round sums leaving Stanford’s accounts and wire transfers that should have set off warning bells.

In February, Kennedy and Cassidy asked Stanford’s Swiss bank, Societe Generale, to release $210 million in assets. Cassidy later sat down with Societe Generale’s lawyers to discuss the issue.

“We’re going to chase Stanford’s assets like hounds from hell until we recover what was stolen from hard-working people. The investors defrauded by Stanford weren’t wealthy. Most of them were just average Louisianans who lost their life savings,” said Sen. Kennedy.

“Toronto-Dominion Bank turned a blind eye to obviously fraudulent activity by Stanford. Ten years later, it’s past time to answer to the people who were hurt.”

“The Stanford Ponzi Scheme stole billions from hardworking teachers, nurses, firefighters and middle-class folks in Louisiana, and we will not stop until these families' life savings are returned,” said Dr. Cassidy.

“TD Bank's handling of the Stanford case is unacceptable and they must take action to mend their failure."