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SECRET AND UNACCOUNTABLE. The Tribal Council at Lower Brule and its Impact on Human Rights. H U M A N. R I G H T S. W A T C H.
Table of contents
- A Tribe's Bad Deal With Wall Street
- Connect With Us
- Get Updates On Rights Issues From Around The Globe
- Human Rights Watch Publishes Report on Lower Brule – Turtle Talk
- Warrior Publications
The tribe and its investors could make a fortune, all without paying federal taxes.
A Tribe's Bad Deal With Wall Street
The trial leaders enthusiastically embraced the idea, but initial efforts to acquire companies were unsuccessful. To tribal leaders, the future looked bright. Westrock liked the idea of being acquired by Lower Brule. Being Indian-owned meant it would get favorable treatment under minority preference rules when local and state governments issued bonds.
It could even attract capital from wealthier tribes that might prefer an Indian-owned investment firm. Hunter, Jr. Most of its money came from the federal government to pay for schools, infrastructure, health, and social services, along with a few million from its casino and farming operations. Meanwhile, Westrock was on pretty shaky ground as a stock brokerage firm.
Between and , key industry watchdogs had repeatedly fined and sanctioned Westrock for breaking industry rules. Buying this firm was risky from many angles. A quick Google search or other common-sense due diligence would have revealed these problems to Jandreau and others. But they continued to negotiate. Ultimately, Jandreau and other members of the tribal leadership struck a deal so that Lower Brule would acquire all of the shares in Westrock in exchange for promissory notes to pay shareholders at a later date.
Connect With Us
The idea was that once the tribe owned Westrock, its future profits would generate the revenue to pay for the shares they bought. Tellingly, he wanted actual cash, not promissory notes from a tribal company.
- Human Rights Watch Report Cites Corruption At Lower Brule?
- Purpose: To promote warrior culture, fighting spirit, and resistance movements.
- Secret and Unaccountable?
- Letting Off Steam?
Westrock ended up taking a loan from Paul Pomfret, a hedge fund manager in Florida, to buy out Martino. Pomfret would later go to federal prison for running his fund as a Ponzi scheme; the Westrock loan was part of that scam. In , despite all of the backstage drama, Lower Brule and Westrock announced that the tribe had bought the brokerage.
The financial media covered the story since it was the first such deal involving a tribe. Jandreau said the tribe had done years of due diligence before it bought Westrock and eventually the purchase would alleviate poverty at Lower Brule.
Get Updates On Rights Issues From Around The Globe
By mid, it was heading toward collapse. The tribe and its business partners scrambled to save Westrock, deciding that the federal government would be their lifeline.
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The plan was to obtain a federal loan guarantee to cover the purchase of Westrock and then sell that guaranteed loan for cash—much in the same way lenders offloaded mortgages during that period by selling off those debts to others. This money could be used to repay investors, recapitalize Westrock, and repay the loan. Best of all, if the tribe defaulted on the loan, the U. But Philip Viles, then head of the department that offered these loans, approved it.
Human Rights Watch Publishes Report on Lower Brule – Turtle Talk
There were many odd things about this guarantee. It was a kind of investment a tribe had never made before, for a company in dire financial shape. But the strangest part: neither Westrock nor the tribe had made or received an actual loan worth the amount guaranteed. CDFIs are private institutions authorized by the government to provide financial services in poor, underserved communities, like reservations. It was registered in Delaware and there is no evidence it loaned anyone anything at Lower Brule.
When I called and visited its address—the striking two-story tribal government headquarters with four large teepees in front that sits on a hill overlooking the Missouri River—no one had heard of it. But it was used to make what, on paper, looked like a loan, and that is what the U. But Westrock sold hundreds of thousands of dollars worth of notes to dozens of people of limited income who could not easily recover from serious losses.
Westrock staff went back to those investors with the approval of its tribal owners, seeking more money to keep the company afloat. Its pitch was that they had already lost their money in Westrock, but if they invested more it would be guaranteed by the federal government and they would get everything back.
Then Jandreau and others paid off certain investors, including possibly themselves, according to a New York lawsuit related to the sale of the guarantee. But when Westrock went bankrupt in , some average investors lost out. At least five other Westrock brokers were sanctioned for selling these notes to unsuspecting investors.
Some of those investors were retirees who thought they were making safe investments. She died at age ninety-one in April He refused. None of this had been public until Human Rights Watch exposed the story in January I found out about Lower Brule while looking into the impacts of predatory lending on reservations in People told me about happenings under the Jandreau administration, launching a two-year investigation.
Although Jandreau and others repeatedly refused to speak with me during the investigation, he and others vehemently denied wrongdoing and denounced Human Rights Watch without providing any contrary evidence. Dec Tex G.
Warrior Publications
He proudly advocated oil development on tribal land. Hall, the three-term tribal chairman on this remote, once impoverished reservation, was the very picture of confidence as he strode to the lectern at his third Annual Bakken Oil and Gas Expo and gazed out over a stuffed, backlit mountain lion. Hall , Tribal Council corruption. Blog at WordPress. Skip to navigation Skip to main content Skip to primary sidebar Skip to secondary sidebar Skip to footer Warrior Publications Purpose: To promote warrior culture, fighting spirit, and resistance movements.
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