ST JOHN'S, Antigua (AP) - The man appointed to replace Antigua's disgraced financial regulator is stepping aside to avoid a possible conflict of interest.

Everett Christian was tapped for the job last week, after officials fired his predecessor Leroy King for alleged ties to a $7 billion Ponzi scheme by Texas businessman R Allen Stanford.

Mr. Christian says his wife works for an offshore bank and the "last thing" the Caribbean nation needs is another financial controversy.

Acting Prime Minister Harold Lovell on Friday said the government would soon name a new chief financial regulator.

He says the oversight commission will also hire a public relations firm to repair its image after US allegations that Mr. King accepted bribes to ignore Stanford's fraud.