Leroy King (file photo)

ST JOHN?S, Antigua, CMC – Leroy King, Antigua and Barbuda?s chief financial regulator, has been fired after being implicated in an alleged multi-billion dollar fraud involving financier Sir Allen Stanford.

The decision was taken at a meeting of the Baldwin Spencer Cabinet on Tuesday.

King was initially suspended last Friday after the United States Securities and Exchange Commission (SEC) said he helped the US$7 billion scheme by ensuring that Financial Services Regulatory Commission (FSRC) ?looked the other? and conducted sham audits of the accounts of the Stanford International Bank.

The SEC alleged that in exchange, the Antigua-based regulator received bribes including money, free use of Sir Allen?s private jets, a corporate car and tickets to the 2004 Super Bowl in Houston.

The US prosecutors have also charged King with conspiracy to obstruct an SEC investigation.

The FSRC said that its own investigations had found that King had ?deliberately or negligently failed to inform the Board of various questionable decisions he had taken regarding the Stanford International Bank.

Sir Allen has maintained his innocence.