Former Antiguan official pleads guilty to fraud
By Nelson A. King
The United States Department
of Justice (DOJ) says the former
chief of Antigua’s Financial Services
Regulatory Commission (FSRC)
has pleaded guilty for his role
in connection with the Stanford
International Bank’s (SIB) US$7
billion Ponzi fraud scheme.
The DOJ said Leroy King, 74, of
Dickerson Bay, Antigua, was the
last remaining defendant in the
SIB scheme.
On Thursday, he pleaded guilty
to one count of conspiracy to
obstruct justice and one count of
obstruction of justice for his role
in obstructing the US Securities
and Exchange Commission (SEC)
investigation into SIB, the DOJ
said.
King, a dual citizen of the United
States and Antigua, was extradited
to the US in November 2019.
Beginning in about 2002, the
DOJ said King served as the administrator
Caribbean L 28 ife, February 7-13, 2020
and chief executive officer
of the FSRC, an agency of the
Antiguan government.
As part of his duties, the DOJ
said he was responsible for Antigua’s
regulatory oversight of
Stanford International Bank Limited’s
(SIBL) investment portfolio,
including the review of SIBL
financial reports and the response
to requests by foreign regulators,
including the SEC, for information
and documents about SIBL’s
operations.
The DOJ said that, in or about
2005, the SEC began investigating
R. Allen Stanford and Stanford
Financial Group (SFG) and made
official inquiries with the FSRC
regarding the value and content of
SIBL’s purported investments.
From 2005 through February
2009, the DOJ said Stanford, James
Davis, King and others conspired
to obstruct the SEC’s investigation
of SFG, SIBL and their related
entities.
From at least 2003 through February
2009, the DOJ said “Stanford
made regular secret corrupt
payments of thousands of dollars
in cash and gifts to King in order
to obtain his assistance in hiding
the truth about SFG and SIBL
from the SEC and other regulatory
agencies.”
Over the course of the conspiracy,
Stanford’s cash payments to
King totaled about $520,963.87,
the DOJ said.
It said Stanford also provided
King tickets to both Super Bowl
XXXVIII in Houston, TX (2004)
and Super Bowl XL in Detroit,
Mich. (2006).
Stanford also provided King with
repeated flights on private jets
Stanford or SFG entities owned,
the DOJ said.
It said King later denied the
SEC’s request for help, writing
that the FSRC “had no authority
to act in the manner requested and
would itself be in breach of law if it
were to accede to your request.”
“In reality, the FSRC did have
this authority and failed to exercise
such because of the payments
and other benefits Stanford gave
to King,” the DOJ said.
A US federal jury found Stanford
guilty in June 2012 for his role
in orchestrating a 20-year investment
fraud scheme in which he
misappropriated US$7 billion from
SIB to finance his personal businesses.
He is serving a 110-year
prison sentence.
Five others were also convicted
for their roles in the scheme and
received sentences ranging from
three to 20 years in US federal
prison, the DOJ said.
It said US District Judge David
Hittner of the Southern District
of Texas accepted King’s plea on
Thursday and set sentencing for
April 24.
By Camille Sperrazza
That’s why customers from all over
the tri-state area bring their cars to T.J.’s
Automotive in Bensonhurst.
A lifetime ago, mechanic and shop owner
Tony Jacono (T.J.), was a race car driver,
written about in trade publications. He still
owns a ‘65 Corvette. A perfectionist who
doesn’t let a car leave his shop until it meets
his high standards, he has been working on
vehicles since he was 17 years old.
Jacono briefly attended Brooklyn’s
Automotive High School, but was told
he was “too advanced” for the basic car
skills that were being taught there. Other
students may have been learning to put
keys into the ignitions, but Jacono was
already taking motors apart, and putting
them back together again. So he decided
to go to work, and he toiled for other
shops, before going into business for
himself 34 years ago.
While a good deal of the work he does
involves standard automobile repairs, he
also specializes in repairing and restoring
classic cars, as he happens to own a few
of those, too.
The seasoned car veteran says he has
worked on all types of cars, including
various versions of the Batmobile, the
Monkee Mobile, (as in “Hey, Hey, we’re the
Monkees), and 007 vehicles. He says that
George Barris, the American car designer
and builder of many famous Hollywood
custom cars, “couldn’t believe it,” when
he saw his recreation of the Batmobile.
These vehicles remain in demand, as they
are often requested for comic shows and
conventions, says Jacono.
He likes to call himself, “old school,” and
says there’s really not too much mystery
when it comes to auto repairs: “Cars
run on gas and spark.” He doesn’t have
a website. Instead, he has a reputation.
“People in the industry, know us,” he says.
Car collectors from all over bring their
“muscle cars,” hot rods, and classic
vehicles to his auto repair shop for
restorations. At press time, among the
cars he was working on included a ‘66
convertible.
“We do whatever is needed,” says
Jacono. “All the mechanical work and
the computer work.” Every car is treated
with loving care, the same way he treats
his own vehicles.
There are three other mechanics at
the shop, and Jacono makes sure he
personally oversees everything so that his
standard of excellence will be maintained.
It has to be perfect for his clients so that
his reputation remains intact. After all,
the shop bears his name.
Jacono invites the owners of classic
cars to come in for a look around. “They
are welcome to check us out before
spending their money,” he says. They’ll
talk shop, maybe reminisce a little, and
all expectations will be put in writing to
make sure everyone is on the same road.
T.J.’s Automotive 1602 McDonald
Ave., off Ave. N in Bensonhurst, (718) 376-
2929. Open Mondays through Fridays, 6
am – 4 pm. (The shop sometimes closes
earlier on Fridays, so call ahead).
T.J.’sAutomotive
An HONEST and TALENTED Mechanic is NOT EASY to FIND
Tony Jacono, Owner
Go to www.CaribbeanLifeNews.com for the latest in Caribbean news
/www.CaribbeanLifeNews.com
/www.CaribbeanLifeNews.com