Guyana Insurer Blames Stanford Group for Losses

February 23, 2009

A leading insurance company in Guyana says it has lost nearly $1.5 million in pension funds after investing with Texas financier R. Allen Stanford.

Spokesman Hewley Nelson says the “Hand in Hand” company began investing money with Stanford Financial Group three years ago.

The government of the South American country plans to meet with other business owners next week to determine whether they, too, are reporting losses.

Former presidential adviser Raymond Gaskin said Saturday that Stanford representatives visited Guyana three years ago to encourage business leaders to invest in long-term securities.

U.S. regulators are investigating Stanford Financial Group for an alleged fraud scheme involving billions of dollars.

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