Antiguan Financier Accused in Stanford Case Released on Bond

Apr. 20: R. Allen Stanford in the office of attorney Dick DeGuerin in Houston. (AP)

HOUSTON – A lawyer for the former Antiguan financial regulator who is accused in the alleged $7 billion swindle by Texas billionaire R. Allen Stanford says his client has been released on bond.

Leroy King is now under house arrest as the Caribbean island processes a request for his extradition to the United States.

Attorney Ralph Francis said Friday that King posted bond of 500,000 eastern Caribbean dollars — about $190,800. He is required to check in with police twice a day and cannot leave home except for medical appointments.

King is accused accepting more than $100,000 in bribes to turn a blind eye to irregularities in Stanford's banking empire.

He was fired by the twin-island government on Tuesday and arrested Wednesday.