ANTIGUA & BARBUDA THAT PROMOTES "CITIZEN BY INVESTMENT" (CBI) PROGRAMS HAS BECOME A HAVEN FOR CRIMINALS SUCH AS LEROY KING|
The Antiguan government is protecting Leroy King; its top banking regulator after the United States government asked that he be detained for extradition on charges of helping the Texas billionaire R. Allen Stanford cover up a $7 billion fraud; however, Leroy King is walking free with bounty hunters mercenaries tracing his footsteps.
The regulator, Leroy King, was indicted with Mr. Stanford and other executives and accused of defrauding 30,000 people who had invested in certificates of deposit at Stanford International Bank, based in Antigua. Mr. King was suspended as head of the Antigua and Barbuda Financial Services Regulatory Commission as a gesture, but mainly out of fear that he can bring the government of Antigua & Barbuda down with more indictment in the future.
The Justice Department accused Mr. Stanford of paying Mr. King thousands of dollars a month to conduct fake audits and file inaccurate reports to the Securities and Exchange Commission, which began investigating the bank in 2004 through a covert operation from Canada, when Mr. Stanford operated Guardian Bank & Trust in Montserrat, East Caribbean which was actually a money laundering machine. "Mr. King will not be detained until Antiguan judicial authorities consider the request", the government said. Attorney General Justin L. Simon has said an extradition process could be lengthy.
Mr. Simon said that based on an initial investigation of Mr. King, “it appears so far he was not working with anyone.” The commission board could not find copies of various fraudulent reports Mr. King made to the S.E.C. in commission files, suggesting that he alone had written and seen them, Mr. Simon said. I am to assume that Mr. Simon was not present when King and his co-conspirators shredded thousands of documents according to a reliable source in Antigua.
But he added, “The matter is not yet over.”
Mr. Stanford underwent a lengthy trial in the USA and was convicted and sentenced to 110 years and even though he had appealed many times; his conviction and sentence is confirmed and Stanford promises to serve as many years as he can. The last remaining known co-conspirator is Leroy King; however, others in Antigua Barbuda have open files.
Mr. King was forced to take a leave of absence from the regulatory commission, shortly after the S.E.C. closed down Mr. Stanford’s operations and filed a civil suit against him. The Government of Antigua refused to detain or arrest Mr. King and Antigua became his prison; however, as of today June 4, 2018 Mr. King has become a liability to many in Antigua because he holds the key to the Pirates of the Caribbean vault where the stolen money is.
In a statement, the commission’s board said it had been investigating Mr. King for several weeks and gave him a “final opportunity to provide an explanation for his questionable conduct” in an interview. It said it suspended him based on its findings that Mr. King had “deliberately or negligently failed to inform the board of various questionable decisions he had taken.”
The board recommended his dismissal, and the cabinet agreed on Tuesday, Mr. Simon said.
Mr. King has been contacted by telephone many times, but he has refused to discuss his case. “My attorneys will do the talking for me,” he said. A noted Financial Crime Analyst has been in direct contact with Mr. King in April, May and June of 2018 advising him of the situation at present and to surrender to US Authorities; however, until today’s date, Mr. King has not confirmed.
Chronicles of Monte Friesner – Financial Crime Analyst
Contributed by Andrei Slavenkov – Investigative Consultant