{"id":79183,"date":"2019-11-12T23:53:40","date_gmt":"2019-11-13T03:53:40","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=79183"},"modified":"2019-11-12T23:53:40","modified_gmt":"2019-11-13T03:53:40","slug":"leroy-king-makes-his-first-appearance-in-us-court-on-fraud-charges","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/leroy-king-makes-his-first-appearance-in-us-court-on-fraud-charges\/","title":{"rendered":"Leroy King makes his first appearance in US court on fraud charges"},"content":{"rendered":"
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Former chief of the Financial Services Regulatory Commission, Leroy King made his first appearance in a Texas court on Tuesday.<\/p>

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The 74-year-old was extradited from Antigua to the United States last Friday to face charges for his alleged role in connection with the Stanford International Bank (SIB) $7 billion investment fraud scheme.<\/p>\n

US Authorities said King, who appeared before U.S. Magistrate Judge Dena Hanovice Palermo in Houston, is the last remaining defendant in the SIB Ponzi scheme.<\/p>

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He is expected to appear again before Judge Palermo on Thursday for a counsel determination hearing.<\/p>

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King was charged in June 2009 along with R. Allen Stanford, of Houston, and others.<\/p>\n

The indictment charges King with one count of conspiracy to commit mail, wire and securities fraud; seven counts of wire fraud, 10 counts of mail fraud, one counts each of conspiracy to obstruct and obstruction of a Securities and Exchange Commission (SEC) investigation; and conspiracy to commit money laundering.<\/p>

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The indictment alleges King accepted more than $100,000 in bribes from Stanford in exchange for ignoring the actual value of SIB\u2019s assets.<\/p>\n

He also allegedly assisted Stanford and others in obstructing the SEC\u2019s investigation into the bank.<\/p>

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A media release from the United States Department of Justice on Tuesday announced Trial Attorney Brittain Shaw of the Criminal Division\u2019s Fraud Section and Assistant U.S. Attorney and John Pearson of the Southern District of Texas are prosecuting the case.<\/p>

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The Criminal Division\u2019s Office of International Affairs reportedly provided substantial assistance with the preparation of the extradition request and in support of Antigua\u2019s domestic litigation.<\/p>\n

According to the release, the FBI Legal Attach\u00e9\u2019s Office in Barbados and the U.S. Marshals Service in Houston coordinated King\u2019s extradition.<\/p>\n

The United States Justice Department said it extends its gratitude to the government of Antigua & Barbuda for its cooperation and assistance.<\/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.<\/p>\n

He is serving a 110-year prison sentence.<\/p>\n

Five others were also convicted for their roles in the scheme and received sentences ranging from three to 20 years in federal prison.<\/p>\n

The FBI\u2019s Houston Field Office, IRS Criminal Investigation and the U.S. Postal Inspection Service investigated the case.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Former chief of the Financial Services Regulatory Commission, Leroy King made his first appearance in a Texas court on Tuesday. The 74-year-old was extradited from Antigua to the United States last Friday to face charges for his alleged role in connection with the Stanford International Bank (SIB) $7 billion investment fraud scheme. US Authorities said […]<\/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-79183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nLeroy King makes his first appearance in US court on fraud charges - 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-makes-his-first-appearance-in-us-court-on-fraud-charges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leroy King makes his first appearance in US court on fraud charges\" \/>\n<meta property=\"og:description\" content=\"Former chief of the Financial Services Regulatory Commission, Leroy King made his first appearance in a Texas court on Tuesday. 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