LEROY KING MAKES HIS FIRST US COURT APPEARANCE

74 year old Leroy King has made his first appearance in a US court following his extradition last week.

The US Department of Justice confirmed in an emailed response to ABS news that he appeared before Judge Dena Hanovice Palermo in Houston, Texas on Tuesday.

King was charged in June 2009 along with R. Allen Stanford, of Houston, and others.

The indictment charges King with one count of conspiracy to commit mail, wire and securities fraud; seven counts of wire fraud, 10 counts of mail fraud, one count each of conspiracy to obstruct and obstruction of a Securities and Exchange Commission investigation; and conspiracy to commit money laundering.

The indictment alleges King accepted more than $100,000 in bribes from Stanford in exchange for ignoring the actual value of Stanford International Bank’s assets.

He also allegedly assisted Stanford and others in obstructing the SEC’s investigation into the bank.

A federal jury found Stanford guilty in June 2012 for his role in orchestrating a 20-year investment fraud scheme in which he misappropriated $7 billion from SIB to finance his personal businesses.

Stanford is serving a 110-year prison sentence.

Five others were also convicted for their roles in the scheme and received sentences ranging from three to 20 years in federal prison; Mr King is the last remaining defendant in the SIB Ponzi scheme.