A GROUP of investors' victims allegedly bilked by Texan financier Sir Allen Stanford and a New York law firm are urging United States legislators to block Antigua and Barbuda from receiving aid from the International Monetary Fund (IMF).

The group, known as the Stanford Victims Coalition, and the law firm of Morgenstern & Blue have dispatched a letter to over 50 senators and congressmen asking them to block Antigua from "availing itself of loans" from the IMF unless it "takes steps to compensate Stanford's victims for their losses".

The group charged that Antigua and Barbuda was "directly" complicit in the alleged "massive fraud".

Allen, 59, is accused by US authorities of bilking tens of thousands of investors of US$7 billion in an alleged Ponzi scheme involving his Antigua-based Stanford International Bank (SIB).

Stanford faces up to 375 years in jail if convicted on 21 charges of fraud, money-laundering and obstruction of justice.

"We need your assistance in stopping the Government of Antigua from avoiding respon-sibility for its role in this fraud, and actually profiting from it," said the letter to the US lawmakers.

Unconscionable

The group said that it is "unconscionable" that St John's will receive US aid, through the IMF, while American victims are still to receive "compensation" from Antigua and Barbuda for its alleged role in the purported massive fraud.

Peter Morgenstern, of Morgenstern & Blue, and members of the Stanford Victims Coalition said they will be meeting this week with attorneys from the US Senate Foreign Relations Committee to discuss the committee's investigation into Antigua and Barbuda's alleged actions.

The group said members will also be meeting with other US senators and congressmen to "discuss what other actions should be taken to stop US aid to Antigua and cut off sources of alternative funding for the island until the Stanford properties are released and Antigua comes up with a plan to help restitute the victims of the Stanford International Bank fraud".

The Baldwin Spencer administration has announced plans to seek financial assistance from the IMF.

The Fund is said to be advi-sing the twin-island state on the restructruing of its US$55 million exter-nal debt.

IMF Mission Chief Wendell Samuel said the Spencer administration is putting together a programme that would lead to restoring fiscal and debt sustainability.

- CMC

Baldwin Spencer, prime minister of Antigua and Barbuda. Spencer's administration is negotiating a borrowing arrangement with the International Monetary Fund. - File photos