ST. JOHN’S, Antigua, Dec 12, CMC – Prime Minister Gaston Browne led several government ministers to the funeral of the former chief executive officer of the Financial Services Regulatory Commission (FSRC), Leroy King, following his death while still in United States custody.
The cause of his death has not been made public, but on January, 30, 2020, he pleaded guilty to count of conspiracy to obstruct justice and one count of obstruction of justice for his role in obstructing the Securities and Exchange Commission (SEC) investigation into Stanford International Bank (SIB).
The 80-year old, who died in early November, had been sentenced to 10 years in prison for his role in connection with a seven billion US dollar Ponzi scheme involving the SIB.
King, who held both United States and Antigua and Barbuda citizenship, was extradited to the United States in November 2019.
At the start of 2002, he served as the administrator and chief executive officer of the FSRC, an agency of the Antiguan government. As part of his duties, he was responsible for Antigua’s regulatory oversight of Stanford International Bank Limited’s (SIBL) investment portfolio, including the review of SIBL financial reports and responses to requests by foreign regulators, including the SEC, for information and documents about SIBL’s operations.
But in 2005, the SEC began investigating R. Allen Stanford and Stanford Financial Group (SFG) and made official inquiries with the FSRC regarding the value and content of SIBL’s purported investments.
King admitted that Stanford’s cash payments to him totaled approximately US$520,963.87 over the course of the conspiracy. Stanford also provided King tickets to super bowls in 2004 and 2006.
A federal jury found Stanford guilty in June 2012 for his role in orchestrating a 20-year investment fraud scheme and 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.
Information Minister Melford Nicholas in paying tribute to King, whose service was held at the Bible Speaks Seventh-day Adventist Church, noted his organisational abilities and his influence in the St John’s City East constituency.
He described him as meticulous and said his guidance played a significant role in the Antigua Labour Party’s resurgence.
Foreign Affairs Minister, Chet Greene, highlighted King’s early life in St John’s, his studies at Iona College in New York, and his career in banking and public service. He noted King’s role in key national projects and his active involvement in the Adventist church following his baptism in 2012.
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