In American Samoa, officials from the government's Employees Retirement Fund say none of the fund's money was invested with disgraced investor Bernard Madoff or Sir Allen Stanford.
Sir Allen was last week accused of operating a fraudulent certificate of deposit scheme.
Senator Utu Abe Malae says Mr Madoff and Mr Stanford were raised by the Senate committee during a meeting of the Retirement Fund in Honolulu.
Utu says that for fiscal year 2008 the fair value of the fund's investments off-island, according to the audited financial statements, decreased by 63.3 US dollars million from 210.8 million in 2007 to 147.5 million in 2008.
He says the fund managers and financial advisors of the Fund say no retirement fund investments were made in the pyramid schemes of Bernard Madoff or Sir Allen Stanford.
Utu told Samoa News that the prognosis for the first quarter of 2009 is grim for the stock market.
