Antigua Sued By Stanford Investors

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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.

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