(Antigua Sun) – Leroy King may only be the first on a list of Antiguans to be named in the financial scandal that crumbled the Stanford empire.
That’s according to Attorney-General Justin Simon, who spoke to the AntiguaSun, after investor Sir Allen Stanford was ordered to be kept behind bars so his bail hearing could continue.
King, the former boss of the Financial Services Regulatory Commission (FSRC), was accused of accepting hundreds of thousands of dollars in bribes to turn a blind eye to alleged wrongdoing by the Stanford International Bank Ltd.
King was released on $500,000 bail, but was virtually placed under house arrest because of the stringent conditions that have been laid down to restrict his movements.
For the first time, Simon acknowledged that the scope of the ongoing investigations into the FSRC may very well see other people in Antigua and Barbuda being implicated.
He told the Sun that as long as it is allowable and prudent, the names will be released. He, however, did not go into any detail.
Simon further told the Sun he has been in constant communication with the US authorities on the matter, which has brought the country’s offshore sector under the glaring eye of international scrutiny.
He maintained that Antigua and Barbuda has been fully co-operating and as attorney-general of Antigua and Barbuda, he will continue to oblige the efforts of the US authorities.
He said he expects to get further word on the matter of extradition from federal authorities in the United States as soon as this week.
King, who was on suspension as administrator at the FSRC, is an American citizen and was brought up for charges by the US Securities and Exchange Commission (SEC) with several counts of conspiracy to commit mail fraud, conspiracy to commit wire fraud, conspiracy to obstruct the SEC and conspiracy to launder illegal proceeds.
As a result, it is widely expected that the US will seek to have King tried in US courts.
Already before the US courts is Sir Allen.
US Magistrate Judge Frances Stacy set Sir Allen’s bail at US$500,000 last Friday, but District Judge David Hittner, who ultimately has responsibility over the case, delayed his release, though friends and family had raised the $100,000 deposit that would have guaranteed his release.
He was to have appeared in court yesterday so the government could present its case against his release.
