Antigua may have problems with Internet gambling industry

The director of the Financial Services Regulatory Commission has been suspended from his job indefinitely for his relationship with Allen Stanford, a finance tycoon who recently has been exposed for his shady practices.

Antigua has already won a battle with the US through the World Trade Organization. They have been attempting to receive the back money owed to them from the US, but the attempts have fallen short. "The news of Leroy King's involvement in illegal activity could hurt the reputation of the Antigua online gaming industry," said observer Barney Corral, "if that reputation is destroyed, online operators would no longer consider Antigua as a place to open their businesses."

It was the first offshore country who licensed online gaming operators. They were hurt tremendously by the US and the Unlawful Internet Gambling Enforcement Act. Once the act was signed into law, the online industry in the country collapsed, with revenue being reduced by the millions.

The collapsed pyramid scheme is at the front of an investigation being conducted by Attorney General Justin Simon. Simon is concerned about the effects of the scandal on the economy in Antigua.