Former head of the Antigua’s Financial Services Regulatory Commission, Leroy King has been sentenced to 10 years in prison in the United States.
The 74-year-old, of Dickenson Bay, Antigua was sentenced in a Texas Court today for his role in connection with a $7 billion Ponzi scheme involving the Stanford International Bank.
He had pleaded guilty on January 30, 2020, to one count of conspiracy to obstruct justice and one count of obstruction of justice for his role in obstructing the Securities and Exchange Commission investigation into SIB.
King admitted that Stanford’s cash payments to him totalled approximately $520,963.87 over the course of the conspiracy. Stanford also provided King tickets to the Super Bowls in 2004 and 2006.
King had later denied the SEC’s request for help with the investigation into R. Allen Stanford and Stanford Financial Group.
The US Justice Department has thanked the government of Antigua and Barbuda for its cooperation and assistance.