Top Antiguan Regulator indicted in Stanford Saga

In a release issued by the the SEC, on June 19, 2009, announces that two accountants who produced bogus financial statements and an Antiguan regulator who took bribes to look the other way have been charged.

Charged are Mark Kuhrt and Gilberto Lopez, accountants for Stanford-affiliated companies who allegedly fabricated financial statements to give investors the false illusion that their investments were solid, safe and secure.

The SEC also charged Leroy King, the administrator and chief executive officer of Antigua’s Financial Services Regulatory Commission (FSRC), for accepting thousands of dollars per month in bribes to ignore the Stanford Ponzi scheme and supply Stanford himself with confidential information about the SEC’s investigation. King obstructed the SEC’s case since 2005, when its investigation into Stanford began.

A report from the New York times carries an interview with the attorney general of Antigua and Barbuda, Justin Simon where he states that he would condsider a request for extradition of Mr. King. He apparently went on further to state the following about Mr. King.

“This concerns me greatly because it reflects adversely on the commission,” Mr. Simon said, referring to the island nation’s Financial Services Regulatory Commission, which regulates the local banking system. But he added that “I think I am satisfied” that Mr. King “hid things” from the commission’s directors “and got involved in a personal relationship with Stanford.”

The bribes alledly amount to more than US $100,000 to bascially conduct fake audits and mislead U.S. investigators.

The indictment alleges that King showed Stanford the SEC’s inquiries and once responded to the agency with material prepared by Stanford. King, a dual citizen of Antigua and Barbuda and the U.S., has been suspended from his post. The U.S. is seeking his extradition from Antigua.

Questions for Regulators in the TCI

This indictment should be of interest to  certain Forex club investors as questions must be raised on how a businessman that left Jamaica because of a run in with the Jamaica FSC, refused in St. Kitts,  could have two companies registered with the TCI conducting the same questionable business. On the other hand to paraphrase  a quote attributed to the Premier of the TCI at the Jamaica’s loss was TCI gain.

Source:

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32 Responses

  1. Duhaney Smith? Ruunnn.

  2. Knees Knocking in Jamaica.

  3. Read it in the ‘news’….haha

  4. Read it in the ‘news’..hahahahaaa

  5. This is very troubling news to have a regulator involved in a scam.

    As ole people say in Jamaica ” when you lay you bed, you better lie dung in it”, or something close to that.

    HoChiMinh – when you have solid information like that posted here, its no problem carrying that stuff.

  6. Questions to note

    1. In which country did WorldWise claim/appeared to be registered?

    2. In which country was UWIN ( associated to Wealth Builders) a feeder to OLINT claim/appeared to be registered?

  7. Antigua !

    Coincidence ? Maybe, maybe not.

  8. “In a release issued by the the SEC, on June 19, 2009, announces that two accountants who produced bogus financial statements and an Antiguan regulator who took bribes to look the other way have been charged.”

    Black’s Law Dictionary defines BRIBERY as the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or other person in discharge of a public or legal duty. The bribe is the gift bestowed to influence the recipient’s conduct. It may be any money, good, right in action, property, preferment, privilege, emolument, object of value, advantage, or merely a promise or undertaking to induce or influence the action, vote, or influence of a person in an official or public capacity.

    ap·pa·rat·chik
    noun
    Etymology:
    Russian, from apparat

    1 : a blindly devoted official, follower, or member of an organization (as a corporation or political party)

  9. VERY SIGNIFICANT

    “…accepting thousands of dollars per month in bribes to ignore the Stanford Ponzi scheme and supply Stanford himself with confidential information about the SEC’s investigation. King obstructed the SEC’s case since 2005, when its investigation into Stanford began.”

  10. and supply Stanford himself with confidential information about the SEC’s investigation. King obstructed the SEC’s case since 2005, when its investigation into Stanford began.

    SOOOO they started investigating Stanford in 2005 and laid charges in 2009 !!!!!!!

    OLINT investors Be patient guys time longer than rope

  11. One local financial commentator says there are several options available to the government to avoid re-entering a borrowing relationship with the International Monetary Fund, IMF.

    David Wan says in addition to managing the external debt, the government could examine currency exchanges or a Diaspora bond as a means of surviving the financial tsunami.

    His advice comes as Cabinet prepares to make a decision on whether Jamaica should resume borrowing relations with the IMF.

    http://www.radiojamaica.com/content/view/19116/26/

    Diaspora Bond???? That was tried already Olint/david Smith. Diaspora not falling for that one again.

    They are still reeling from the David Smith/Tracey Smith Public financing program.

  12. “Also you have things like a Diaspora bond if we think Jamaicans living in the US would be willing to loan us collectively $200 million that could work too,” Mr. Wan said.

    Diaspora victims in the thousands want full restitution and justice first

  13. SOOOO they started investigating Stanford in 2005 and laid charges in 2009 !!!!!!!

    OLINT investors Be patient guys time longer than rope

    Live and let live, you mean to say the Smith family needs to put aside about 15 years just fo the investigation?

    Oh dear.

  14. The finance minister Audley Shaw was yesterday expected to make a presentation to the Cabinet outlining the Government’s framework for a possible return to the fund.

    It’s reported that a Government team is to visit the IMF in Washington next month to finalize the arrangement

    http://go-jamaica.com/news/read_article.php?id=10214

    Hurry Smithy, live and let live and others are depending on you.

  15. Liveandletlive

    Take at look at this

    http://en.wikipedia.org/wiki/Human_trafficking

  16. Women are particularly at risk from sex trafficking. Criminals exploit lack of opportunities, promise good jobs or opportunities for study, and then force the victims to become prostitutes. Through agents and brokers who arrange the travel and job placements, women are escorted to their destinations and delivered to the employers. Upon reaching their destinations, some women learn that they have been deceived about the nature of the work they will do; most have been lied to about the financial arrangements and conditions of their employment; and find themselves in coercive or abusive situations from which escape is both difficult and dangerous.

  17. @Floridian…you sure the ginnal JW has ever had any connnection with Morelands Camp? Isnt it a CHRISTIAN camp….LOL

  18. SEC GOES AFTER FEEDER FUNDS

    (Who is going after feeder funds in the Olint fraud.)

    http://www.courthousenews.com/2009/06/23/SEC_Goes_After_Madoff_Feeder_Funds.htm

    This is something we have suggested on the blog, the fact is neither the GOJ or TCI has brought any charges against these guys, who we know profited immensely in this scam !!

  19. The CNN Report.

    It appears that the SEC is trying to send a message that not only who ran the fraud will be subject to prosecution, but is now taking action to seek out those who helped Madoff carry of this massive ponzi operation.

    http://money.cnn.com/2009/06/22/news/economy/madoff_charges/?postversion=2009062307

    Any lessons here ?

  20. Well, here is some more old time church advice, that will help deal with the corrupting force that is under the carpet. “He who conceals his sins does not prosper, but whoever confesses and renounces his sins finds mercy” Proverbs 28 vs13. I encourage my prime minister and my nation to be brave and look under the carpet, for therein lies our problem.

    https://www.jamaicaobserver.com/letters/html/20081218T220000-0500_143893_OBS_LOOK_UNDER_THE_CARPET_.asp

    To the wise political leaders who follow this basic rule, God will grant great prosperity to their lands, as the successful and hard- working and diligent will flock to that place. To the foolish political leaders who take from the diligent, hard-working and responsible and give to the slothful and lazy, they will wake up and realise their nation is a failure.

    http://www.jamaica-gleaner.com/gleaner/20090509/letters/letters2.html

  21. At sentencing, Mr. Madoff will speak to the shame he has felt and to the pain he has caused.”

    “He destroyed peoples’ lives and didn’t care,” said Reisman. “He’s a sociopath. He didn’t care who he destroyed. He would put his arm around you, comfort you and take your money.”

    http://money.cnn.com/2009/06/23/news/economy/madoff_sentence/index.htm?postversion=2009062311

  22. @floridian, Nocotec, Robin, Miked and Jay

    You should check the purported author of those quotes…

  23. John Doe

    I would take certain quotes with a grain of salt. Or through a wooden spoon take your pick.

    I would not recommend the camp for your children either.

  24. The defendants helped Madoff “cultivate an air of exclusivity by pretending that he was too successful to trouble himself with marketing to new investors,” while providing “a constant in-flow of funds to sustain his fraud,”

    http://money.cnn.com/2009/06/22/news/economy/madoff_charges/?postversion=2009062307

  25. http://www.tcijournal.com/index.php?idsub=1426&id=8

    What a lot of money drop.

    They don’t want transparency. Desparate clinging. The TCI people want it.

  26. Antigua fires finance regulator

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

    http://news.bbc.co.uk/2/hi/business/8116151.stm

  27. When will the JLP cut loose Don Creary? A tape of him speaking to a Gleaner journalist is with the FBI. Bribery which defrauds US citizens is a crime in the US.

  28. Smith was transporting women to Turks from Jamaica.This was a Ponzi scheme and a white slavery scheme also. Those poor women, they are all stranded in Turks.

  29. floridain you feel se you de expert: DS no big man at moorlands? But DS na go back de a teach the christian pickny ponzie, so why yu a curse de place?
    God nu warn yu no curse Him business?
    Well it must be yu badder than God, but God bad still…………. when Him reddy.

  30. Interesting development

    Proposed island resort for swindled Stanford investors

    The liquidator of the Stanford International Bank (SIB) in Antigua and Barbuda has proposed developing the Caribbean nation’s largest offshore islands to generate money to repay investors who were allegedly swindled by Sir Allen Stanford.

    http://www.caribbean360.com/News/Business/Stories/2009/07/10/NEWS0000008066.html

  31. Victims of Stanford fraud to be heard.

    “Prosecutors say nearly $1.2 billion of the $7 billion Stanford and his co-defendants are accused of bilking from investors can’t be accounted for.”

    http://www.google.com/hostednews/ap/article/ALeqM5irFPviaC0PHaCOKz6x0H2td9l26wD99EHQJG0

    Seems like Stanford victims may be lucky than most other ponzi/fraud schemes.

  32. Stanford receiver wants to hire private equity firm

    HOUSTON (Reuters) – The receiver charged with marshaling assets of accused swindler Allen Stanford said in court papers on Thursday he needs the help of a private equity adviser to manage the estate’s web of investments, which total about $650 million.

    http://www.reuters.com/article/GCA-Economy/idUSTRE56G00W20090717

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