Clock ticking on extradition of former Antiguan regulator

ST JOHN’S, Antigua, July 31, 2009 – With time running out on the provisional arrest of the former head of Antigua and Barbuda’s regulatory body, no extradition papers have been submitted to the island’s government for him to appear in the United States on charges related to his involvement in Sir Allen Stanford’s alleged US$8 billion fraud.


Leroy King, former administrator and Chief Executive Officer of the Financial Services Regulatory Commission (FSRC), has been on bail ever since he was arrested on June 24th on a provisional warrant. He was held at the request of US officials who said they wanted him detained while they worked to get him extradited. However, the warrant is only valid for 60 days.


During a court hearing yesterday, Director of Public Prosecutions (DPP) Anthony Armstrong said the extradition request had not yet been made.








He said once the documents are submitted, he would provide them to the defence so that they could prepare their case.


Chief Magistrate Ivan Walters adjourned the matter until September 21st, but did not alter King’s bail conditions.


The former FSRC boss remains under house arrest on EC$500,000 bail (US$191,535), after paying EC$100,000 (US$38,307) in cash and providing 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 would be to seek medical attention and, even then, he must be accompanied by one of his sureties.


King is facing 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).


It has been alleged that King accepted hundreds of thousands of dollars in bribes and gifts from Sir Allen to turn a blind eye to his illegal activities. He also allegedly conducted sham audits and examination of SIB’s books and records.