Officials mum on extradition of former Antigua regulator

Leroy King, arrested on a provisional warrant, is to return to court shortly for a review of his case.

ST JOHN’S, Antigua, July 10, 2009 – Two weeks after Antigua and Barbuda's former top financial regulator was arrested on a provisional warrant at the request of American authorities, there is still no word on when he will be extradited to face charges related to his role in Sir Allen Stanford's alleged US$8 billion fraud.

Antigua's Attorney General Justin Simon said no request for an extradition order for former head of the Financial Services Regulatory Commission (FSRC) Leroy King has been made as yet, while officials from the US Department of Justice have declined to say when the documents will be sent to the government here.

The US had applied for the warrant because authorities wanted King held until they could make the necessary arrangements to get him to face charges of conspiracy to commit wire and mail fraud, conspiracy to launder illegal proceeds, and conspiracy to obstruct the US Securities and Exchange Commission investigations into Sir Allen and the Antigua-based Stanford International Bank (SIB) which is at the centre of the investor's alleged fraud.

King appeared in the magistrate court here on the provisional warrant on June 25th and was granted EC$500,000 (US$191,535) in bail - EC$100,000 (US$38,307) of which he had to pay in cash and he was also ordered to surrender his passport. He also has to report to the St John's Police Station daily and apart from complying with that condition or seeking medical attention, he is not allowed to leave his home.

He will return to court later this month for the matter to be reviewed.

King, who was sent on leave from the FSRC earlier this year, then suspended and ultimately fired following his implication in the Stanford scandal, has refused to comment since his legal troubles were publicised.

Meantime, no one has yet filled the void left after his dismissal. Although career banker Everett Christian had been chosen by the Baldwin Spencer Cabinet to fill the spot for an initial six-month period while a long-term replacement was found, he backed out over controversy surrounding a possible conflict of interest. His wife is a senior manager at a company in the offshore financial sector, over which the FSRC has oversight.

Finance and Economy Minister Harold Lovell said an alternative has been found but said he could not yet reveal the person’s identity.