Page last updated at 07:26 GMT, Wednesday, 24 June 2009 08:26 UK

Antigua fires finance regulator

Sir Allen Stanford - file photo 11/06/2008
Sir Allen was moved to Texas on Tuesday to face the charges

Antigua and Barbuda has fired its chief financial regulator, who has been accused of accepting bribes from Texan billionaire Sir Allen Stanford.

Sir Allen was charged last week with fraud and obstruction related to a $7bn (£4.2bn) scheme to defraud investors.

Leroy King, 63, the former head of Antigua's financial services regulatory commission, was also charged.

Antigua's attorney-general said that Mr King would be dismissed from the commission with immediate effect.

Sir Allen's bank, Stanford International Bank, was located in Antigua.

FROM BBC WORLD SERVICE

He and several co-conspirators are accused of a scheme to defraud investors who purchased certificates of deposit from the bank.

He was indicted on 19 June in Virginia and has since been returned to Texas, where he will face a full detention hearing.

Sir Allen vigorously denies allegations of financial wrongdoing.

Mr King has been suspended from his duties as administrator from the finance commission since March.



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SEE ALSO
Stanford charged with fraud in US
19 Jun 09 |  Americas
Sir Allen Stanford arrested in US
19 Jun 09 |  Americas
Chief Stanford official charged
12 May 09 |  Americas
Stanford: 'Clients lost no money'
06 Apr 09 |  Business
Profile: Sir Allen Stanford
19 Jun 09 |  Americas

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