BREAKING: Leroy King sentenced to 10 years in $7B Investment Fraud Scheme

21

The former chief of Antigua’s 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 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.

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’s regulatory oversight of Stanford International Bank Limited’s (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’s operations.

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’s purported investments.

King admitted that Stanford’s 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’s request for help, and he wrote that the FSRC “had no authority to act in the manner requested and would itself be in breach of law if it were to accede to your request.” In reality, the FSRC did have this authority and failed to exercise it because of the payments and other benefits Stanford gave to King.

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.

Acting Assistant Attorney General Nicholas L. McQuaid of the Justice Department’s Criminal Division and U.S. Attorney Ryan K. Patrick of the Southern District of Texas made the announcement.

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

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]

21 COMMENTS

  2. You have wasted the last 10 years.Now you are going into the Federal Penn for 10 years.For what profits a man if he gains the whole world but loses his own soul.Greed for a lack of a better word is not good.

    • That’s why people should not envy other people who are living large. You doh know where their money coming from. Me, I like to earn my money honestly. I am content with whatever I have.

  3. His time in detention counts toward his sentence. If he survives. He’ll be out when he’s approximately 82. Now you have to understand that he got probably the maximum sentence under the sentencing guidelines for his cooperation into the investigation.

    Plead guilty to lesser charges for a reason. He’s a cooperating witness so who did he implicate as part of the conspiracy?

    The obstruction was failing to cooperate with the alphabet boys. Delaying his day in court to face the charges that he was indicted on. All the way to the privy council. That’s wasting the court’s time and resources.

    Let’s see if another domino fall or dominoes who were apart or had conversation with the Stanford debacle. Who all knew? I think Mr. King shined the light on those individuals.

    Time will judge. Wouldn’t surprise me another dual citizen find themselves in the crosshairs of the alphabet boys. Some citizens of Antigua and Barbuda are restless too. Time longer than rope.

    Waiting patiently for the next chapter. king got off easy!

  4. He would have got less time if he had cooperated from the beginning rather than run for 10 years and he would have been out of jail by now and in Antigua relaxing and stress free. Now he is in jail until his mid-80’s.

  7. So much for King. Every dog will have its day. What about Fugitive Indian businessman Mehul Choksi.

  8. I support forced reparations and as a country of slavery history we should impose reparations tax to all causasian chinese and arab tourists because they still look down on us like we are nothing and are taking our country especially the English they are so cheap and mean and don’t like to tip when they’re the ones who benefited from our ancestors hard work and now spit in our faces.

    • The amazing thing is that people like you wonder how persons in the US support Trump or wear their Make America White Again hats or how the Nazis exterminated millions of Jews. It’s due to irrational prejudice and hate based on race, religion, nationality etc. etc.

      • I guess you’re one of the above caucasian,arab, chinese or a black person who likes to kiss their behinds you slave minded prick

  9. One thing should be noted, Stanford or anyone else was never charged with any crime on Antiguan and Barbudan soil. Does this mean that he didn’t break any of our laws? I wonder. Becaue the USA claims that the Ponzi Scheme took place in Antigua and Barbuda. But it is rather strange is it not. And our lawyers, even the bush ones never seems to be concerned about that. Its like a man committing a murder in Antigua but get charged in the USA for the crime.

    • @ FROM THE SIDELINE
      Please nobody care to hear from you but you want chat.
      State your opinion on the behavior of Gaston and Asot in parliament, and in the media accusing each other of their mishandling and theft of public funds, antugua people money.

  10. They broke US Banking Laws to carryout their fraudulent schemes.Both men are citizens of the United States. It does not matter from where the crimes were committed. Once you infringed illegally on the US Banking systems to carryout crimes.They would come after you.He is where he belong.In the big scheme of things.He got crumbs from Stanford’s table.

  11. FROM THE SIDELINE please please stop chatting your pure nonsense. Both Allan Stanford and Leroy King also broke Antigua laws. Rather than talking nonsense, I would be so grateful if you could state your opinion on the criminal finger pointing by Gaston and Asot against each other in Parliament as WADADLI has asked. At the same time TENMAN, CARSON and ANON THE 1ST should do the same. That Parliamentary pow wow between Gaston and Asot was the lowest level that Parliamentary debate has ever fallen. It was not even fit for the big gutter in Grays Farm.

    • So why didn’t you and the other legal professionals called on the then AG to proceed with criminal charges against them?

  12. FROM THE SIDELINE that comment is so ridiculous and pathetic. I really think it is a total waste of time to engage in any discussion with you guys. I am sure that the Police, ONDCP and the Integrity Commission heard the comments of both Gaston and Asot, so why don’t they investigate. Also, do you expect the Attorney General to take any action for wrongdoing by Asot and even more so for wrongdoing by his boss Gaston Browne. I would suggest to all you guys if you cannot defend the indefensible to just keep your damn mouths SHUT.

    • Ok. From The Sideline and Tenman and others listed by Tabor.
      As expected, you don’t have an opinion. Too much to call out your leaders when they’re wrong. Just imagine all their other wrong doings that were not mentioned.
      You’re nothing but pups and kissers of Gaston and ABLP leaders.

Comments are closed.