CaribWorldNews, ST. JOHN’S, Antigua, Mon. June 29, 2009: Leroy King, the former Antiguan financial regulator accused in the alleged $7 billion swindle by Texas billionaire R. Allen Stanford is now under house arrest.
King, who was fired from his post last Tuesday and arrested Wednesday was released on about US$190,800 bail Friday but placed under house arrest.
He is required to check in with police twice a day and cannot leave home except for medical appointments.
King is accused of accepting more than $100,000 in bribes to turn a blind eye to irregularities in Stanford’s banking empire. U.S. federal prosecutors are reportedly preparing to extradite him to the U.S. to answer charges.
Stanford is set for another hearing today to determine whether he will be released on bail pending his trial.