IRS Agent: Stanford Bribed Antiguan Banking Regulator
by: Andrew Schneider, February 9, 2012 10:02:00 am
With testimony from former Stanford CFO James Davis complete, the prosecution called IRS Special Agent Kalford Young. Young headed the investigation of Leroy King, the top banking regulator for Antigua, where Stanford International Bank was based. King is a U.S. citizen and had filed U.S. tax returns.
Young testified that between 2003 and 2009, Stanford paid King more than $500,000 in cash to stave off investigations into Stanford’s operations by the Securities and Exchange Commission. The agent said Stanford paid additional bribes in the form of wire transfers and Superbowl tickets.
King is currently under house arrest in Antigua. Antigua’s High Court upheld an extradition order for King earlier this week. If Antiguan Prime Minister Baldwin Spencer signs the order, King will be returned to the U.S. to face charges for his role in the alleged $7 billion Ponzi scheme.