Yesterday hundreds of investors worried about funds they placed with embattled Stanford Financial Group crowded a community college auditorium to hear from some of their financial advisers, who said they spoke in defiance of a receiver who controls Stanford now.
Houston Chronicle reporter Tom Fowler wrote a story today about it.
“Not being able to talk to all of our clients at this point in time, to not be able to give you reassuring words has been devastating,” said Don Miller, a financial adviser, referring to warnings given to the employees on Feb. 17, when U.S. Marshals and the Securities and Exchange Commission shut down the company’s offices throughout the country, including the Houston headquarters.
But the advisers had little information to offer since they’ve not been allowed back in the offices and have received no word from the receiver beyond two public statements in the past week giving limited information about the asset freeze.
“We had no advice to give,” said adviser Andrea Freedman, between conversations with clients who were at the meeting.
Organized by law firm
Thursday’s meeting was organized by a Houston law firm representing a number of the advisers and a few investors.
“We do not believe there’s a gag order and you should be free to talk,” said attorney Michael Stanley. His firm is filing a motion with the Dallas judge overseeing the case to allow access to some frozen assets by investors who rely on Stanford accounts for day-to-day expenses.
A meeting arranged by the firm representing a number of Stanford brokers and some investors begs the question is this solicitation? Many investors who attended the meeting felt "pressured" to retain the Firm and were surprised that for a supposedly " informational" meeting there was very little information shared.
Is this a new marketing tactic employed to snare clients? We will keep you posted.
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