Stanford would collect money under false pretenses, did not invest the funds as promised, and used funds for his personal use. The scheme consisted of selling certificates of deposit (CDs), and promising return rates that were too good to be true. Leroy King, a regulator from Antigua, Stanford, and Pendergest-Holt worked together in order to keep the fraud from the U.S. Securities and Exchange Commission. King would receive money from Stanford to ignore the scheme, and he would give Stanford information about the SEC’s ongoing investigation. Chief investment officer, Pendergest-Hold, gave the SEC false information about the value of the investment profile. Stanford managed to bribe King by paying him more than 100,000 in order to make sure
