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Antigua Commission Suspends Head On Heels Of Indictment

CaribWorldNews, ST. JOHN`S, Antigua, Mon. June 22, 2009: Antigua and Barbuda`s Financial Services Regulatory Commission moved to suspend its head formally Friday on the heels of the indictment of his indictment in the United States.

The Commission insisted that Leroy King, who up until last Friday, was still the head of the body though he had been on a leave of absence since March, represented `an isolated incident.`

U.S. federal prosecutors claim King as head of the body, got `thousands of dollars in bribes` from R. Allen Stanford to ensure Antigua and Barbuda`s financial regulators `looked the other way` and conducted sham audits of Stanford International Bank Ltd, which is accused of bilking thousands of investors out of billions of dollars. The indictment was unsealed against King and Stanford along with several other staffers Friday.

The same day, the Commission announced the formal suspension of King from the body for `deliberately or negligently` failing to inform the board of various decisions he had made regarding the Stanford Investment Bank Limited.

Tomorrow, Antigua and Barbuda`s cabinet will meet to decide what actions they will pursue against him, Attorney General Justin Simon said in a statement.

Prior to his appointment in June 2002 as administrator of the Financial Services Regulatory Commission, King held the positions of advisor to the Minister of Finance and Special Envoy in the Ministry of Foreign Affairs. In 1999, he was appointed ambassador-at-large in the Ministry of Foreign Affairs.

King spent over 20 years in banking in the United States of America. Most of those years were spent working at Bank of America in various capacities. He holds a MBA in finance, a MSC in Advanced business studies, a BBA in accounting and a BBA in finance and economics from Iona College, New York and a post masters certificate in taxation.