Efforts to extradite the ex administrator of Antigua and Barbuda’s Financial Services Regulatory Commission (FSRC) have moved a major step forward with attorneys for the former regulator now in receipt of papers to support him being taken to the United States to face fraud charges arising from the alleged US$8 billion Stanford fraud.
The documents were reportedly delivered from the Director of Public Prosecutions to the lawyers’ offices yesterday.
Former FSRC Chief Executive Officer Leroy King, however, will remain on bail and under partial house arrest while a decision is made in the courts here about whether there is sufficient evidence, based on what the United States officials have submitted, to support King’s extradition.
That matter is expected to be heard next month.
US prosecutors have been trying for the past couple months to put all the necessary papers in place for King to appear in court to answer seven counts of conspiracy to commit wire fraud, 10 counts of conspiracy to commit mail fraud, conspiracy to launder illegal proceeds, and conspiracy to obstruct the US Securities and Exchange Commission in their investigations into alleged fraudster Sir Allen Stanford and Stanford International Bank (SIB), through which the fraud was allegedly perpetrated.
It is alleged that King conducted sham audits and examinations of SIB’s books and records and turned a blind eye to Sir Allen’s illegal activities, in exchange for hundreds of thousands of dollars in cash and gifts from the investor.
When King first appeared in court on a provisional arrest warrant on June 25th, Chief Magistrate Ivan Walters released him on EC$500,000 bail (US$191,535), after he paid EC$100,000 (US$38,307) in cash and provided two sureties. Under the conditions of his bail, King, who has both Antiguan and American citizenship, had to surrender all his travel documents and must also report to the St John’s Police Station daily between 6 am and 6 pm.
The only other time King is allowed to leave his residence is to seek medical attention and, even then, he must be accompanied by one of his sureties.
At a subsequent hearing on July 30th, the Chief Magistrate adjourned the matter until September 21st, but did not alter King’s bail conditions.
Meantime, the first guilty plea in the Stanford matter is expected to be entered in court today. The former chief finance officer in the Stanford empire, James Davis, is scheduled to plead guilty in a court in Houston for his role in the multi-billion dollar fraud.
Source: http://www.caribbean360.com/News/Business/Stories/2009/08/27/NEWS0000008637.html
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