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Stanford: a little help from his friends


stanford3You can officially called R. Allen Stanford the alleged criminal mastermind of a giant multi-year Ponzi scheme.

Stanford’s name, of course, is all over the 21-count indictment. But the big shocker in the investigation into the $7 billion fraud involving those bogus certificates of deposit is an allegation that a top regulator in Antigua–where Stanford’s offshore bank was based–was on the take.

OK. Maybe that’s not such a shocker, given the fact that the former prime minister of Antigua basically gave Stanford a blank check to do whatever he wanted on the tiny island nation–including a chance to help write the country’s banking laws.

But in filing criminal charges against Leroy King, the former administrator and chief executive officer for the Antigua financial services regulatory commission, US prosecutors have a shed a lot more light on the years of deception that was at the core of Stanford’s sprawling financial empire. Prosecutors are charging King took bribes in excess of $100,000 from Stanford to help conceal the allegedly fraudulent activites at Stanford’s bank from the Securities and Exchange Commission.