Stanford tried to influence Antigua regulator, says witness

first_img Tweet Sharing is caring! NewsRegional Stanford tried to influence Antigua regulator, says witness by: – February 1, 2012 Althea CrickHOUSTON, USA — An Antigua and Barbuda official told jurors on Monday in US Federal Court in Houston that Allen Stanford used his influence to manipulate the country’s banking regulators.“This would be a classic case of the rat being put in charge of the cheese,” said Althea Crick, who is chairman of Antigua and Barbuda’s Financial Services Regulatory Commission. Crick said she complained to Antiguan officials shortly after Stanford relocated his bank to the island until the financier was removed as a director of the agency that predated the Financial Services Regulatory Commission.“It’s a conflict of interest, inappropriate,” Crick explained, to have the owner of a regulated entity participating in the agency that oversees the business.The 61-year-old Stanford is charged with using his Houston-based financial empire to swindle investors out of more than $7 billion. Stanford has pleaded not guilty to a 14-count indictment. At the heart of Stanford’s alleged fraud are certificates of deposit sold by his Antigua-based Stanford International Bank Ltd to about 28,000 investors.Crick described a series of run-ins with Stanford and his financial empire.She testified that Antigua’s prime minister told her Stanford wanted her fired after she had a series of public and private disagreements with the financier in the 1990s. “I’m not a yes person. I don’t rubber stamp,” she said she told Stanford.In 2002, Crick anticipated she would be fired and resigned from the regulatory commission, being replaced by Leroy King, whom Stanford is accused of bribing. When King was accused of complicity in hiding Stanford’s alleged fraud in 2009, the agency removed him and put Crick back in charge.King, one of four people charged in a separate indictment, is accused of taking bribes to divert regulatory attention from Stanford’s operations, and is fighting extradition from Antigua.Crick was scheduled to resume her testimony on Tuesday. by Caribbean News Now contributor Sharecenter_img Share Share 470 Views   one commentlast_img

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