Press Releases

U.S. Congressman Garret Graves (South Louisiana) released the following statement after the Stanford Ponzi Scheme trial reached closing statements.

"Prior to the 2016 Flood, the Stanford Ponzi Scheme was one of the biggest disasters to hit South Louisiana. Stanford wrecked the lives of thousands of Louisianians whose life savings and pensions were destroyed by Stanford's greed. And make no mistake, TD played an active role, helping to perpetuate this harm and should rightfully being held accountable. Allowing them to expand in the US market is a mistake and rewards immoral behavior. We will keep working to bring the offending parties to justice," Graves said.

Background:

Over a decade ago, Stanford International Bank stole billions of dollars from Americans, including several victims in Louisiana who lost vast amounts of their savings. Almost 21,000 Americans – including 1,000 from Louisiana – were robbed of their savings through Stanford's massive Ponzi scheme (i.e. like the Bernie Madoff ponzi scheme).

The Toronto-Dominion Bank held a role as the main correspondent bank in the $7 billion Stanford International Bank fraud.

TD Bank is actively trying to expand their presence in the United States despite their previous negligence and assistance in perpetuating fraud. TD Bank Chief Executive Officer Bharat Masrani said in early April 2021 that the bank was contemplating a significant expansion into the US, citing nearing $10 billion available for deals with local and regional banks.

Closing statements in the decade-long Stanford International Bank legal battle began this week in Toronto and concluded on April 28th, 2021. A verdict is expected in early summer.