User Rating: 4 / 5
Most observers of the R. Allen Stanford/Stanford International Bank Ponzi scheme case believe that the eight-year delaying action, brought on behalf of former Financial Services Regulatory Commission head, Leroy King, was to prevent him from ever being extradited to US District Court in Texas, where he faces what amounts to, in effect, a life sentence, for assisting Stanford in keeping us regulators at arms' length for years. His Guidelines sentence, after conviction, could be 30 years, due to the size of the Ponzi, and his use of his office to protect Stanford.
To avoid that outcome, and draw a shorter sentence, King would be required to cooperate with prosecutors, and such cooperation, Antigua correctly fears, could implicate one or more members of the prominent Bird family, in the acceptance of illegal compensation from Stanford, specifically bribes. That is the presumed reason for the dilatory tactics, engaged in not only by King's atttorneys, but by several members of Antigua's judiciary as well, to significantly delay the case.
There are others who fear the consequences of King's testimony, including some of the attorneys who advised the Bird family, during the time that Allen Stanford was filling the pockets of Antiguan officials, while he fleeced his victims. One of the prominent members of the East Caribbean bar who provided legal advice to the Bird family during that period was Dominican attorney Anthony Waddy Astaphan, SC. Astaphan's role in the Bird's connection to the Stanford International Bank scandal remains a mystery, but, if facing a long prison term, Leroy King may just choose to disclose those details to the Department of Justice.
Leroy King & Allen Stanford
Could a RICO (Racketeer Influenced Corrupt Organization) charge be lodged against Bird family attorneys ? We cannot say, but we will be closely monitoring the King extradition proceeding, and will advise on all developments, as they occur.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant
