Antigua and Barbuda Financial Services Regulatory Commission

=== Allen Stanford Ponzi Scheme & Leroy King ===

=== Allen Stanford Ponzi Scheme & Leroy King ===

In 2009, U.S. authorities exposed a massive US$7 billion [[Ponzi scheme]] operated through [[Stanford International Bank]], headquartered in Antigua. The Financial Services Regulatory Commission (FSRC), led by CEO [[Leroy King (Antigua and Barbuda)|Leroy King]], was accused of actively helping Stanford obstruct regulatory oversight. Court documents later revealed that King had forwarded confidential [[Securities commission|SEC]] inquiries directly to Stanford and allowed Stanford’s lawyers to draft responses on official FSRC letterhead. King was indicted in the [[United States]] and [[Extradition|extradited]] after a lengthy legal battle. In 2020, he pleaded guilty to [[Obstruction of justice in the United States|obstruction]] and [[conspiracy]] charges and was sentenced to 10 years in prison. The scandal severely damaged Antigua’s international regulatory reputation and raised longstanding concerns about the FSRC’s independence and integrity.<ref name="ObserverStanford"> https://antiguaobserver.com/leroy-king-sentenced-to-10-years-for-role-in-stanford-ponzi-scheme/</ref>

In 2009, U.S. authorities exposed a massive US$7 billion [[Ponzi scheme]] operated through [[Stanford International Bank]], headquartered in Antigua. The Financial Services Regulatory Commission (FSRC), led by CEO [[Leroy King (Antigua and Barbuda)|Leroy King]], was accused of actively helping Stanford obstruct regulatory oversight. Court documents later revealed that King had forwarded confidential [[Securities commission|SEC]] inquiries directly to Stanford and allowed Stanford’s lawyers to draft responses on official FSRC letterhead. King was indicted in the [[United States]] and [[Extradition|extradited]] after a lengthy legal battle. In 2020, he pleaded guilty to [[Obstruction of justice in the United States|obstruction]] and [[conspiracy]] charges and was sentenced to 10 years in prison. The scandal severely damaged Antigua’s international regulatory reputation and raised longstanding concerns about the FSRC’s independence and integrity. <ref name="ObserverStanford">{{cite news |url=https://antiguaobserver.com/leroy-king-sentenced-to-10-years-for-role-in-stanford-ponzi-scheme/ |title=Leroy King sentenced to 10 years for role in Stanford Ponzi scheme |work=Antigua Observer |publisher=Observer Media Group |date=9 December 2020 |access-date=4 July 2025}}</ref>

=== Global Bank of Commerce (GBC) & Paul Ashe ===

=== Global Bank of Commerce (GBC) & Paul Ashe ===

In 2024–2025, Global Bank of Commerce became embroiled in a legal and regulatory controversy after depositor Jack Stroll claimed the bank withheld over US$10 million despite court judgments in his favor. A 2025 court order mandated that GBC’s CEO Brian Stuart-Young repay at least US$341,130 or face jail time. The FSRC was accused of regulatory inertia as the bank delayed compliance and made partial payments in Eastern Caribbean dollars instead of U.S. dollars. Paul Ashe, Chief Regulatory Officer at the FSRC, was heavily criticized for his prolonged silence. ''[[Antigua.news]]'' published an editorial titled "The Muted FSRC" questioning Ashe’s leadership and suggesting the Commission had again failed depositors under stress.<ref name="MutedFSRC">https://antigua.news/2025/05/16/muted-fsrc-stuart-young-jack-stroll-saga-editorial/</ref><ref name="CourtOrder">https://antigua.news/2025/04/17/court-order-global-bank-ceo-must-pay-jack-stroll-by-may-19-or-face-21-days-in-jail/</ref> <ref name="NewsIntegrity">https://antigua.news/2024/02/02/fsrc-under-fire-economic-analyst-questions-its-integrity/</ref>

In 2024–2025, Global Bank of Commerce became embroiled in a legal and regulatory controversy after depositor Jack Stroll claimed the bank withheld over US$10 million despite court judgments in his favor. A 2025 court order mandated that GBC’s CEO Brian Stuart-Young repay at least US$341,130 or face jail time. The FSRC was accused of regulatory inertia as the bank delayed compliance and made partial payments in Eastern Caribbean dollars instead of U.S. dollars. Paul Ashe, Chief Regulatory Officer at the FSRC, was heavily criticized for his prolonged silence. ''[[Antigua.news]]'' published an editorial titled "The Muted FSRC" questioning Ashe’s leadership and suggesting the Commission had again failed depositors under stress. <ref name="MutedFSRC">{{cite news |url=https://antigua.news/2025/05/16/muted-fsrc-stuart-young-jack-stroll-saga-editorial/ |title=Muted FSRC: Stuart Young & the Jack Stroll Saga – Editorial |work=Antigua News |publisher=Antigua.News |date=16 May 2025 |access-date=4 July 2025}}</ref><ref name="CourtOrder">{{cite news |url=https://antigua.news/2025/04/17/court-order-global-bank-ceo-must-pay-jack-stroll-by-may-19-or-face-21-days-in-jail/ |title=Court Order: Global Bank CEO Must Pay Jack Stroll by May 19 or Face 21 Days in Jail |work=Antigua News |publisher=Antigua.News |date=17 April 2025 |access-date=4 July 2025}}</ref> <ref name="NewsIntegrity">{{cite news |url=https://antigua.news/2024/02/02/fsrc-under-fire-economic-analyst-questions-its-integrity/ |title=FSRC Under Fire: Economic Analyst Questions Its Integrity |work=Antigua News |publisher=Antigua.News |date=2 February 2024 |access-date=4 July 2025}}</ref>

=== BOI Bank Scandal & FSRC License Renewal ===

=== BOI Bank Scandal & FSRC License Renewal ===

In 2022, a [[Venezuelans|Venezuelan]] national sued BOI Bank, alleging that despite a High Court ruling granting access to US$2.5 million, the bank refused to release the funds. The case also named the FSRC and its officer Paul Ashe, who had allegedly failed to intervene or provide proper oversight. ''Antigua Observer'' reported that complaints about BOI Bank had been lodged as far back as 2019. Despite this, the FSRC continued to renew its license without apparent regulatory consequences. Ashe issued a statement only after the Commission was formally named in the lawsuit, sparking allegations of delayed and inadequate action.<ref name="ObserverBOI">https://antiguaobserver.com/financial-services-regulatory-commission-implicated-in-lawsuit/</ref><ref name="NewsBOI">https://antigua.news/2022/12/02/fsrc-issues-statement-following-boi-bank-scandal/</ref>

In 2022, a [[Venezuelans|Venezuelan]] national sued BOI Bank, alleging that despite a High Court ruling granting access to US$2.5 million, the bank refused to release the funds. The case also named the FSRC and its officer Paul Ashe, who had allegedly failed to intervene or provide proper oversight. ''Antigua Observer'' reported that complaints about BOI Bank had been lodged as far back as 2019. Despite this, the FSRC continued to renew its license without apparent regulatory consequences. Ashe issued a statement only after the Commission was formally named in the lawsuit, sparking allegations of delayed and inadequate action. <ref name="ObserverBOI">{{cite news |url=https://antiguaobserver.com/financial-services-regulatory-commission-implicated-in-lawsuit/ |title=Financial Services Regulatory Commission Implicated in Lawsuit |work=Antigua Observer |publisher=Observer Media Group |date=6 December 2022 |access-date=4 July 2025}}</ref><ref name="NewsBOI">{{cite news |url=https://antigua.news/2022/12/02/fsrc-issues-statement-following-boi-bank-scandal/ |title=FSRC Issues Statement Following BOI Bank Scandal |work=Antigua News |publisher=Antigua.News |date=2 December 2022 |access-date=4 July 2025}}</ref>

==References==

==References==

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