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    December 13

  • 12:44 AM

Former head extradited to US

CMC,

Added 11 November 2019

leroy-king-antigua

Former head of the Financial Services Regulatory Commission Leroy King.

ST JOHN’S – The former head of the Financial Services Regulator Commission, Leroy King, has been extradited to the United States.


Last week, the country’s final court ruled against King’s request to quash the 2009 extradition order signed by then Minister of Foreign Affairs and Prime Minister, Baldwin Spencer.


Based on this, King’s ten-year journey towards extradition ended and late Friday he boarded a flight bound for New York City.


“He complied fully as we worked closely with the agents from the USA,” said Attorney General Steadroy Benjamin.


US prosecutors have accused King of being a key player in helping to conceal the massive Ponzi scheme carried out by billionaire and financier Allen Stanford.

Stanford was charged with operating from the Stanford International Bank Ltd he owned in Antigua and Barbuda, which sold certificates of deposit that the US Securities and Exchange Commission said bilked thousands of investors out of billions of dollars.


It is alleged that King received thousands of dollars in bribes from Stanford to ensure the Antigua regulatory authority looked the other way and conducted sham audits of Stanford’s operations.


Stanford was convicted in a US court in 2012 and jailed for a total of 110 years.
(CMC)

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