Ex-Antigua Financial Regulator Leroy King Sentenced to 10 Years for Aiding Multi-Billion Dollar Fraudster

Leroy King, Antigua and Barbuda’s Former Financial Regulator, Receives 10-Year Prison Sentence

The former financial regulator of Antigua and Barbuda, Leroy King, was sentenced to 10 years in prison in a Texas court for his role in assisting Allen Stanford in a multi-billion dollar fraud plot.

King’s Tenure at Antigua and Barbuda’s Financial Services Regulatory Commission

King, 74, joined the Antigua and Barbuda’s Financial Services Regulatory Commission (FSRC) in 2002, holding a significant position within the organization. However, his tenure took a dark turn when he was implicated in facilitating Stanford’s illicit activities.

Stanford’s Multi-Billion Dollar Fraud Scheme

The conviction of King came following investigations into one of the largest financial fraud schemes in recent history. Stanford misappropriated billions of dollars from investors through his Stanford International Bank. King allegedly turned a blind eye to the fraudulent activities happening under his watch.

Allen Stanford’s Conviction and Prison Sentence

Stanford, who operated his financial empire from Houston, Texas, is currently serving an 110-year prison sentence after being convicted on fraud, lying to investors, and obstruction of justice.

Previous Corruption Allegations Against King

This is not the first time King has been under scrutiny. He previously faced corruption allegations during his time at the FSRC but was cleared through an internal investigation.

Accountability and Investor Protection

King’s conviction serves as a significant milestone in the ongoing efforts to bring accountability to those involved in financial crimes and safeguard investors’ interests.

AML Intelligence Subscription

Subscribers to AML Intelligence have access to daily coverage of the latest trends, analysis, opinion, and breaking news across the financial crime sector. Exclusive access to the Global Bank Fines & Penalties database is also provided with a subscription. For more information and to subscribe, visit our website.