Chief Magistrate Ivan Walters has set January 25 as the date for the start of extradition proceedings against former head of the Antigua and Barbuda's Financial Services Regulatory Commission (FSRC), Leroy King, according to a report on www.cananews.net. United States law enforcement authorities have requested King on charges of helping disgraced Texan billionaire, Sir Allen Stanford, cover up an alleged US$7 billion Ponzi scheme.

King, 63, has been charged by the Securities and Exchange Commission (SEC) with taking bribes to ignore wrong doing in relation to the alleged Ponzi scheme. He is facing 10 counts of conspiracy to commit mail fraud, seven counts of conspiracy to commit wire fraud, conspiracy to obstruct the SEC and conspiracy to launder illegal proceeds.

The SEC's complaint alleges that King facilitated the Ponzi scheme by ensuring that the FSRC conducted sham audits and examinations of Stanford International Bank Limited's books and records.