LEROY KING PLEADS GUILTY

LEROY KING TO BE SENTENCED IN APRIL AFTER PLEADING GUILTY TO TWO CHARGES

The former chief of the Financial Services Regulatory Commission, Leroy King has admitted his role in the Stanford International Bank Ponzi scheme.

74 year old King of Dickenson Bay, pleaded guilty to one count each of conspiracy to obstruct justice and obstruction of justice in US Federal Courts today.

King who was extradited to the United States last November, admits he conspired with R. Allen Stanford and others to obstruct the Securities and Exchange Commission or SEC investigation into Stanford International Bank.

Beginning in approximately 2002, King served as administrator and CEO of the FSRC.

From at least 2003 through February 2009, Stanford made regular secret corrupt payments of thousands of dollars in cash and gifts to King in order to obtain his assistance in hiding the truth about the companies from the SEC and other regulatory agencies.

Over the course of the conspiracy, Stanford’s cash payments to King totaled more than half-a-million US dollars.