{"id":124514,"date":"2021-02-24T20:07:00","date_gmt":"2021-02-25T00:07:00","guid":{"rendered":"https:\/\/anrupdate.com\/?p=124514"},"modified":"2021-02-24T20:07:00","modified_gmt":"2021-02-25T00:07:00","slug":"breaking-leroy-king-sentenced-to-10-years-in-7b-investment-fraud-scheme","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/breaking-leroy-king-sentenced-to-10-years-in-7b-investment-fraud-scheme\/","title":{"rendered":"BREAKING: Leroy King sentenced to 10 years in $7B Investment Fraud Scheme"},"content":{"rendered":"
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The former chief of Antigua\u2019s Financial Services Regulatory Commission (FSRC) was sentenced today to 10 years in prison for his role in connection with a $7 billion Ponzi scheme involving the Stanford International Bank (SIB).<\/p>

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Leroy King, 74, of Dickerson Bay, Antigua, pleaded guilty on Jan. 30, 2020, 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 extradited to the United States in November 2019.<\/p>\n

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King is a dual citizen of the United States and Antigua. Beginning in approximately 2002, he served as the administrator and CEO of the FSRC, an agency of the Antiguan government. As 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 responses 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 made official inquiries with the FSRC regarding the value and content of SIBL\u2019s purported investments.<\/p>

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King admitted that Stanford\u2019s cash payments to King totaled approximately $520,963.87 over the course of the conspiracy. Stanford also provided King tickets to both Super Bowl XXXVIII in Houston (2004) and Super Bowl XL in Detroit (2006). In addition, Stanford provided King with repeated flights on private jets Stanford or SFG entities owned. 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 In reality, the FSRC did have this authority and failed to exercise it 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. He is serving a 110-year prison sentence. Five others were also convicted for their roles in the scheme and received sentences ranging from 3 to 20 years in federal prison.<\/p>

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Acting Assistant Attorney General Nicholas L. McQuaid 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

The Houston Field Offices of the FBI, IRS-CI, and U.S. Postal Inspection Service investigated the case.<\/p>

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

The former chief of Antigua\u2019s Financial Services Regulatory Commission (FSRC) was sentenced today to 10 years in prison for his role in connection with a $7 billion Ponzi scheme involving the Stanford International Bank (SIB). Leroy King, 74, of Dickerson Bay, Antigua, pleaded guilty on Jan. 30, 2020, to one count of conspiracy to obstruct […]<\/p>\n","protected":false},"author":3,"featured_media":124515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-124514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nBREAKING: Leroy King sentenced to 10 years in $7B Investment Fraud Scheme - 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\/breaking-leroy-king-sentenced-to-10-years-in-7b-investment-fraud-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: Leroy King sentenced to 10 years in $7B Investment Fraud Scheme\" \/>\n<meta property=\"og:description\" content=\"The former chief of Antigua\u2019s Financial Services Regulatory Commission (FSRC) was sentenced today to 10 years in prison for his role in connection with a $7 billion Ponzi scheme involving the Stanford International Bank (SIB). 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