Extradition Request Expected For Antiguan Regulator In Stanford’s Case
June 23, 2009 1 Comment
Antigua and Barbuda’s Attorney General has confirmed that efforts may soon be made to extradite the head of Antigua and Barbuda’s financial regulatory body to the United States to face charges stemming from his alleged acceptance of bribes from fraud-accused Sir Allen Stanford.
AG Justin Simon says while no formal request has yet been made, he has been informed that one may soon come as officials in the US seek to bring suspended Financial Services Regulatory Commission (FSRC) administrator Leroy King to justice.
He said the Antigua and Barbuda government will cooperate with the US authorities on the matter once all the correct procedures are followed.
King has been charged with seven counts of conspiracy to commit wire fraud, 10 counts of conspiracy to commit mail fraud, conspiracy to obstruct the Securities and Exchange Commission (SEC) in their investigations into the Stanford operations and conspiracy to launder illegal proceeds. The US regulators have claimed that he facilitated the Stanford International Bank’s (SIB) Ponzi scheme “by ensuring that FSRC ‘looked the other way’, and conducted sham audits and examinations of SIB’s books and records in exchange for bribes paid to him over a period of several years”.
“These charges do raise the issue of a possible extradition request by the United States authorities,” Simon said in a statement.
He was later quoted in a local newspaper as saying that “once the issues which are laid down in the law are followed and once we are satisfied that the various standards which must be met are actually met, then I think it’s a matter which I would have to turn over to the Director of Public Prosecutions for him to make a determination and take the action.”
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