17 Years, Half Our Savings Lost: Release the $8.1M and the 12th Distribution Now — Elderly Survivors Are Running Out of Time

Petition for Immediate and Fair Distribution of Restitution to Survivors of the Stanford Financial Fraud

We, the undersigned SURVIVORS of the Stanford Financial fraud, have waited 17 years for restitution. We are not just "claimants"—we are survivors who refuse to give up. The majority of us are over 70 years old; many have already died waiting. For those of us who remain, time is the one asset we do not have.   
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1) THE $8.1 MILLION SWISS FUNDS: HELD FOR MONTHS WITHOUT EXPLANATION

• December 17, 2025: The Receiver received $8.1 million in Swiss funds from the Joint Liquidators.
• January 2026: The Receiver publicly confirmed the transfer "pursuant to the Cross-Border Protocol."
• March 9, 2026: The Receiver filed a Final Distribution Schedule for $339 million. The $8.1 million was inexplicably excluded.
• Today (April 29, 2026): These funds have been held for nearly five months with no distribution plan.
• The 2013 Cross-Border Protocol (Section 8.4) is clear: Covered assets "will be distributed to Creditor-victims and only to Creditor-victims." These funds belong to the survivors—not to administrative costs or professional fees.

What we ask: We ask the Court to direct the Receiver to file a distribution plan for the $8.1 million within 30 days and confirm in writing that no portion of these funds will be diverted to administrative expenses.

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2)  THE 12TH DISTRIBUTION: ANNOUNCED BUT UNSEEN
On April 6, 2026, the Receiver announced that payments totaling $47.5 million were issued to over 2,000 claimant groups on April 3.

The Reality on the Ground:

• Twenty-six days later, not a single survivor surveyed by COViSAL has confirmed receipt of payment.
• Gilardi & Co. claims they "do not know" when payments will process and reportedly told survivors they "do not have an order to issue checks."
• Law firms have confirmed receiving funds but may take up to 60 days to pay clients after deducting their own fees.

Our Demand: We ask for a transparent, updated timeline for all remaining 12th Distribution payments.

3) WHAT THE NUMBERS REVEAL
The financial toll on survivors compared to the compensation for professionals is staggering:

• Total Recovered: $2.82 billion
• Total Professional Fees & Expenses: $575 million
• Total Distributed to Survivors (to date): $1.65 billion

The Bottom Line: Survivors have received only ~47% of their allowed claims after 17 years, with zero interest paid. Meanwhile, the Receiver and his professionals have collected $575 million—more than one-third of the total amount survivors have received to date.

By comparison, the Madoff Trustee recovered over $15 billion and charged zero in fees to the victims (funded via SIPA). While we recognize the different legal mechanisms, the moral disparity remains: the Stanford "golden goose" has fed the administrators while the survivors go hungry.

Footnote: We understand that the Madoff Trustee operated under the Securities Investor Protection Act (SIPA), which has a separate statutory funding mechanism, while the Stanford Receivership is an SEC equity receivership where all costs must come from recovered assets. We include this comparison not as a legal argument, but to illustrate the moral disparity in outcomes for victims of two massive frauds.
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4) WHO WE ARE: THE VOICES OF SURVIVORS

We are not anonymous. We are not abstract "claimants." We are real people — and the majority of us are over 70 years old.

Here are some of our voices:

Maria, age 72, Venezuela: "I was 54 when Stanford closed. I am almost 72 now. I have received nothing. I don't have many years left to wait."

Fred, age 90, USA: "At 90 I am confused. Please get me going in the right direction. I cannot wait much longer."

Isa, Chile: "Regular mail in Chile does not work. I have received no response. I feel abandoned."

Hernan: "I called Gilardi. They have no order to issue checks. They don't know when they will. How is this possible?"

Doraida: "The administrators have grown fat on this case. They don't want to let go of the golden goose. We need the Court to step in."

Antonio: "Called Gilardi, April 21: No info. Call back in a month. Disbursements once a month. 5 emails, no reply. Frustrating."

We come from: Latin America: Venezuela, Colombia, Mexico, Argentina, Peru, Chile, Ecuador, Panama, Costa Rica, Brazil; United States: Florida, Texas, New York, California; Europe: Spain, United Kingdom, Switzerland, Germany; Asia: Philippines;  And other countries around the world.

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5) WHAT WE DEMAND
We respectfully ask the Court and the Receiver for the following:

1. A written explanation of why the $8.1 million Swiss funds were excluded from the Final Distribution Schedule.
2. Direct distribution of these funds to survivors without unnecessary administrative costs, as per the 2013 Protocol.
3. A transparent schedule for the remaining 12th Distribution payments.
4. Written answers to the 12 specific questions raised in COViSAL's Third Request (April 15, 2026).
5. A full accounting of all attorney and professional fees charged to the Receivership.
6. Court clarification that the label "Final Distribution" shall not prevent the future distribution of the $8.1 million or additional recoveries.
7. Timely updates on the existing Receiver, Claims Agent, and Examiner websites, including a verifiable method for survivors to check payment       status.

6) A RESPECTFUL REQUEST TO THE COURT
Your Honor, we respectfully request that the Court:

1. Direct the Receiver to file a written response to the 12 questions in COViSAL's April 15, 2026 letter within 30 days.
2. Order an accounting of the $8.1 million Swiss funds received on December 17, 2025.
3. Mandate Website Updates: Direct the Receiver, Gilardi & Co., and the Examiner to update their respective websites within 5 business days of any material development. Currently, these sites are updated months late, leaving survivors in the dark.
4. Clarify for the Record that the "Final Distribution" does not preclude the distribution of funds received after March 9, 2026.

CONCLUSION
We are not asking for charity. We are asking for what is rightfully ours. We have waited 17 years. Many have died waiting. We will not accept further delays or silence.

Add your signature to demand justice.

We trust this Court to hear our voice.

Respectfully 

Jaime R. Escalona
Founder, COViSAL (Coalition of Stanford Survivors)
https://www.covisal.org/
Twitter: @COViSAL