Antigua Sued By Stanford Investors

CaribWorldNews, HOUSTON, Texas, Tues. July 14, 2009: Seven investors in the R. Allen Stanford company are suing the government of Antigua and Barbuda.
In a suit filed in a Houston Court Monday, the seven claim that the government of Antigua and Barbuda should pay them at least $8 billion in damages since the Caribbean nation helped the financier engineer an alleged $7 billion fraud scheme.
`Antigua is sovereign but not above the law,` the investors said in their complaint. `It became a full partner in Stanford`s fraud, and reaped enormous financial benefits from the scheme.`
Three of the investors live in the U.S., three are from Latin America and the seventh os the trustee for a retirement plan.
Antiguan Attorney General Justin Simon said he has not yet seen the complaint and was not aware that it had been filed. Stanford and the individual co-defendants, Stanford Group Co. Chief Financial Officer James M. Davis and Chief Investment Officer Laura Pendergest-Holt, face criminal charges and Stanford remains jailed until his trial in august.
Leroy King, who had been chief executive officer of Antigua`s Financial Services Regulatory Commission, has also been charged. Federal prosecutors accuse him of taking bribes from Stanford to overlook irregularities in the bank`s records and reports.
Davis yesterday pleaded not guilty to criminal charges in a U.S. court and was released on bail. He is set to change his plea to guilty at a hearing before U.S. District Judge David Hittner in Houston within the next two weeks, his lawyer said Monday.

Next Post

Jamaica Minister Calls It Quits

CaribWorldNews, KINGSTON, Jamaica, Weds. July 15, 2009: Jamaica Minister of State in the Ministry of Transport and Works, who has been  implicated in a bribery scandal, yesterday called it quits.   Joseph Hibbert resigned with immediate effect after being linked to a bribery scandal with Mabey & Johnson and alleged […]