Complinet logo
Search
Contact us

Ex-Stanford execs get 20 years over roles in $7 billion fraud

Feb 15 2013 Jonathan Stempel, Reuters

The final two defendants convicted for helping the former Texas billionaire financier Allen Stanford swindle investors were each sentenced on Thursday to 20 years in prison over their roles in his $7.2 billion Ponzi scheme. Gilbert Lopez, the former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt were sentenced by U.S. District Judge David Hittner in Houston. Jurors in November had convicted both defendants on nine counts of wire fraud and one count of conspiracy after a five-week trial. Each was also found not guilty on one wire fraud count. Lopez, 70, and Kuhrt, 40, were jailed in downtown Houston following the sentencing. Stanford, 62, is appealing his March 2012 conviction and 110-year prison sentence over what prosecutors called a massive fraud centered on the sale of bogus certificates of deposit by his Antigua-based Stanford International Bank. Prosecutors said evidence at Lopez's and Kuhrt's trial showed that the men knew Stanford

Already have an account?

Log in

Want to read this article?

Click here for a free 14 day trial