{"id":100015,"date":"2020-01-30T23:19:20","date_gmt":"2020-01-31T03:19:20","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=100015"},"modified":"2020-01-30T23:19:20","modified_gmt":"2020-01-31T03:19:20","slug":"leroy-king-pleads-guilty","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/leroy-king-pleads-guilty\/","title":{"rendered":"Leroy King Pleads Guilty"},"content":{"rendered":"
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The former chief of Antigua\u2019s Financial Services Regulatory Commission (FSRC) has pleaded guilty for his role in connection with the Stanford International Bank (SIB) Ponzi scheme.<\/p>

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Assistant Attorney General Brian A. Benczkowski of the Justice Department\u2019s Criminal Division and U.S. Attorney Ryan K. Patrick of the Southern District of Texas made the announcement.<\/p>\n

Leroy King, 74, of Dickerson Bay, Antigua, was the last remaining defendant in the SIB scheme. Today, he pleaded guilty to one count of conspiracy to obstruct justice and one count of obstruction of justice for his role in obstructing the Securities and Exchange Commission (SEC) investigation into SIB. He was\u00a0extradited<\/u><\/a>\u00a0to the United States in November 2019.<\/p>

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King is a dual citizen of the United States and Antigua.\u00a0 Beginning in approximately 2002, he served as the administrator and CEO of the FSRC, an agency of the Antiguan government. \u00a0As part of his duties, he was responsible for Antigua\u2019s regulatory oversight of Stanford International Bank Limited\u2019s (SIBL) investment portfolio, including the review of SIBL financial reports and the response to requests by foreign regulators, including the SEC, for information and documents about SIBL\u2019s operations.<\/p>

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In or about 2005, the SEC began investigating R. Allen Stanford and Stanford Financial Group (SFG) and \u00a0made official inquiries with the FSRC regarding the value and content of SIBL\u2019s purported investments. \u00a0From 2005 through February 2009, Stanford, James Davis, King and others conspired to obstruct the SEC\u2019s investigation of SFG, SIBL and their related entities. \u00a0From at least 2003 through February 2009, Stanford made regular secret corrupt payments of thousands of dollars in cash and gifts to King in order to obtain his assistance in hiding the truth about SFG and SIBL from the SEC and other regulatory agencies.<\/p>\n

Over the course of the conspiracy, Stanford\u2019s cash payments to King totaled approximately $520,963.87. \u00a0Stanford also provided King tickets to both Super Bowl XXXVIII in Houston, Texas (2004) and Super Bowl XL in Detroit, Michigan (2006). \u00a0Stanford also provided King with repeated flights on private jets Stanford or SFG entities owned.<\/p>

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King later denied the SEC\u2019s request for help, and he wrote that the FSRC \u201chad no authority to act in the manner requested and would itself be in breach of law if it were to accede to your request.\u201d \u00a0In reality, the FSRC did have this authority and failed to exercise such because of the payments and other benefits Stanford gave to King.<\/p>\n

A federal jury found Stanford guilty in June 2012 for his role in orchestrating a 20-year investment fraud scheme in which he misappropriated $7 billion from SIB to finance his personal businesses. \u00a0He is serving a 110-year prison sentence. \u00a0Five others were also convicted for their roles in the scheme and received sentences ranging from three to 20 years in federal prison.<\/p>

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U.S. District Judge David Hittner of the Southern District of Texas accepted the plea today and set sentencing for April 24.<\/p>

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The FBI\u2019s Houston Field Office, IRS Criminal Investigation and the U.S. Postal Inspection Service investigated the case.\u00a0 Trial Attorney Brittain Shaw of the Criminal Division\u2019s Fraud Section and Assistant U.S. Attorney John Pearson of the Southern District of Texas are prosecuting the case.<\/p>\n

The Justice Department extends its gratitude to the government of Antigua for its cooperation and assistance.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

The former chief of Antigua\u2019s Financial Services Regulatory Commission (FSRC) has pleaded guilty for his role in connection with the Stanford International Bank (SIB) Ponzi scheme. Assistant Attorney General Brian A. Benczkowski of the Justice Department\u2019s Criminal Division and U.S. Attorney Ryan K. Patrick of the Southern District of Texas made the announcement. Leroy King, […]<\/p>\n","protected":false},"author":3,"featured_media":77047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-100015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nLeroy King Pleads Guilty - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/leroy-king-pleads-guilty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leroy King Pleads Guilty\" \/>\n<meta property=\"og:description\" content=\"The former chief of Antigua\u2019s Financial Services Regulatory Commission (FSRC) has pleaded guilty for his role in connection with the Stanford International Bank (SIB) Ponzi scheme. 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