Leroy King, the corrupt former head of Antigua's Financial Services Regulatory Commission, has been, after ten years, successfully extradited to face criminal charges in the Stanford International Bank/Allen Stanford $7bn Ponzi scheme scandal. King had his First Appearance before a Federal Magistrate in Houston, Texas this week. He is the last defendant in a case which saw Allen Stanford sent to Federal Prison for 110 years, for operating an offshore bank in Antigua that promised large returns on investment in certificates of deposit, but which was a naked Ponzi scheme that defrauded thousands.
King is looking at over 20 counts, including money laundering conspiracy, and obstruction of an SEC investigation; if convicted, he could spend the rest of his life in prison. Sources in Antigua claims he is very ill with cancer, but this has not been confirmed, The decade-long delay in extraditing him to the US resulted in a major increase in how compliance officers viewed the country, and a significant increase in Country Risk levels, as the delays were connected with a decline in the country's adherence to the Rule of Law in its co
urt system.
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