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Viewing cable 09BOGOTA652, STANFORD FINANCIAL SCANDAL FURTHER SHAKES

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Reference ID Created Released Classification Origin
09BOGOTA652 2009-02-26 19:58 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Bogota
VZCZCXYZ0004
RR RUEHWEB

DE RUEHBO #0652/01 0571958
ZNR UUUUU ZZH
R 261958Z FEB 09
FM AMEMBASSY BOGOTA
TO RUEHC/SECSTATE WASHDC 7397
INFO RUEHBR/AMEMBASSY BRASILIA 8679
RUEHCV/AMEMBASSY CARACAS 1725
RUEHLP/AMEMBASSY LA PAZ FEB LIMA 7043
RUEHQT/AMEMBASSY QUITO 7771
RUEHZP/AMEMBASSY PANAMA 3100
RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS BOGOTA 000652 
 
SENSITIVE 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EFIN ECON PGOV CO
SUBJECT: STANFORD FINANCIAL SCANDAL FURTHER SHAKES 
COLOMBIAN INVESTOR CONFIDENCE 
 
REF: A. BOGOTA 7 
     B. 08 BOGOTA 4263 
 
1. (SBU) SUMMARY: Buffeted by the charges against and seizure 
of Stanford Financial Group's U.S. operations, the firm's 
nascent Colombian offices suspended operations voluntarily 
February 18.  The exposure of Stanford's local independent 
brokerage clients appears limited with many already 
transferring their peso-denominated investments to other 
institutions.  However, Colombian investors in Stanford 
Group's international products publicized through the firm's 
Bogota representation office could stand to lose an estimated 
USD 300 million in Antigua- or U.S.-based instruments. 
Beyond the potential losses, local financial experts have 
expressed concern over the scandal's impact on general 
investor confidence amid a slowing economy and the global 
financial crisis. END SUMMARY. 
 
Recent Arrival 
-------------- 
 
2. (U) Unlike operations in Venezuela and Ecuador dating back 
as far as 15 years, Stanford Financial Group is a relatively 
recent arrival to Colombia.  Stanford entered the Colombian 
market in November 2006 following its acquisition of the 
Colombian brokerage firm Bolsa y Banca S.A. from Gustavo 
Gaviria, a prominent Colombian businessman and coffee grower. 
 The firm began operations under the Stanford name in 
February 2007 and raised its local profile considerably as a 
corporate sponsor of Colombia's most famous professional 
golfer Camilo Villegas.  In addition to its brokerage 
operations for local peso-denominated accounts on the 
Colombian Stock Exchange (BVC), Stanford has maintained a 
representation office for clients interested in investing in 
its international branches. 
 
Brokerage Suspends Ops; Reassures Local Clients 
--------------------------------------------- -- 
 
3. (SBU) Following the entry of Stanford Financial Group into 
court-ordered receivership in the United States on February 
16, the Stanford's Colombia-based brokerage company 
voluntarily suspended its operations as local Colombian 
clients transferred approximately USD 30 million in assets 
from the firm.  Prior to its suspension, the brokerage firm 
had approximately 6,000 local clients.  On February 25, a 
group of 500 Stanford clients voted to move another USD 30 
million in three investment funds to other brokerages, 
leaving the Colombian branch of Stanford with approximately 
USD 40 million of the USD 100 million in investments it 
administered prior to the corporate office scandal.  Under 
Colombian law, local subsidiaries of international financial 
firms must operate with their own capital separate from their 
corporate headquarters.  Stanford officials have publicly 
emphasized this separation from the Antigua and U.S. branches 
and assured Colombian clients their funds are safe and that 
local operations are adequately capitalized to 
meet all commitments to investors. 
 
Exposure to Global Stanford Products Less Certain 
--------------------------------------------- ---- 
 
4. (SBU) Less certain, however, is the exposure of Colombians 
who invested in Stanford Group's international products.  The 
Stanford representation office in Bogota has offered Stanford 
Investment Group international products to Colombian clients 
since 2007.  According to Stanford principals at the 
representation office, they are currently reviewing their 
records with the Superintendency of Finance to determine how 
many Colombians invested in products offered by the U.S. or 
Antigua branches.  An unnamed former Stanford executive 
estimated in the Colombian press that as much as USD 300 
million was invested by Colombian clients. 
 
5. (SBU) While representing a significant potential loss for 
Colombian investors coming on the heels of a slowing local 
economy (ref A) and the collapse of numerous pyramid schemes 
in November 2008 (ref B), the total exposure in Colombia 
appears to be less than in Venezuela where press reports 
estimate losses could reach as high as USD 3 billion. 
Nevertheless, financial sector experts such as former 
Director of Public Credit and JPMorgan executive Julio Torres 
tell us the lingering danger of the Stanford scandal to 
Colombia is an erosion of general investor confidence after 
 
the collapse of a U.S.bank-backed operation amid the broader 
financial crisis gripping large international firms such as 
Citibank and HSBC that also operate in Colombia. 
BROWNFIELD