LatinNews Daily Report - 08 March 2012

Antigua & Barbuda: On 7 March a US federal court in Houston, Texas, convicted the US/Antiguan financier and cricket mogul Allen Stanford of running a US$7bn Ponzi scheme, fronted by his Antigua-based Standard International Bank. According to prosecutors, Stanford, who was found guilty of 13 out of 14 charges (including fraud, conspiracy and obstructing a Securities and Exchange Commission [SEC] investigation), used the banks as his “personal ATM”. No sentencing date has been set. Prosecutors will now turn their efforts to securing the extradition of Leroy King, the former head of Antigua & Barbuda’s financial services regulatory commission, who is accused of accepting bribes to divert the regulators’ attention from Stanford’s operations.

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