Leroy King makes his first appearance in US court on fraud charges

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King

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 King, who appeared before U.S. Magistrate Judge Dena Hanovice Palermo in Houston, is the last remaining defendant in the SIB Ponzi scheme.

He is expected to appear again before Judge Palermo on Thursday for a counsel determination hearing.

King was charged in June 2009 along with R. Allen Stanford, of Houston, and others.

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.

The indictment alleges King accepted more than $100,000 in bribes from Stanford in exchange for ignoring the actual value of SIB’s assets.

He also allegedly assisted Stanford and others in obstructing the SEC’s investigation into the bank.

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

The Criminal Division’s Office of International Affairs reportedly provided substantial assistance with the preparation of the extradition request and in support of Antigua’s domestic litigation.

According to the release, the FBI Legal Attaché’s Office in Barbados and the U.S. Marshals Service in Houston coordinated King’s extradition.

The United States Justice Department said it extends its gratitude to the government of Antigua & Barbuda for its cooperation and assistance.

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 three to 20 years in federal prison.

The FBI’s Houston Field Office, IRS Criminal Investigation and the U.S. Postal Inspection Service investigated the case.

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7 COMMENTS

  1. “The United States Justice Department said it extends its gratitude to the government of Antigua & Barbuda for its cooperation and assistance.”

    WE WANT THE MONIES AWARDED TO US BY THE WTO RULING!!!!!!

  2. THAT’S GASTON BROWN WHO WROTE THAT ABOUT WTO MONEY. ALL HE THINKS ABOUT IS MONEY. NOT EVEN SYMPATHY FOR KING. MONEY MONEY MONEY.

  3. It’s over now. What you sow you reap. It’s reaping time now. This bro will not see Antigua again. He old now and will likely die in prison. It’s a sad ending, but a just one.

    • Death is not the end. Judgement Day is coming – that is a PROMISE, not a threat! ALL things will be revealed whether they be GOOD or EVIL. Even if he is found guilty in this life, the Righteous Judge is the final courtroom.

  4. People,crimes do not pay.It would feel and smell good.However,it usually catches up with you and ripped your guts out.Greed is not all bad.It depends on what you are greedy about.

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