Two More Stanford Executives Convicted In Fraud Scheme
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On November 19, 2012, two former accountants of R. Allen Stanford were convicted of federal charges in relation to a $7 billion Ponzi scheme. The defendants, Gilbert T. Lopez and Mark J. Kuhrt, both testified in their own defense at trial claiming that they were tricked by Stanford and the chief financial officer into creating false financial statements that investors relied upon when evaluating the company. The convictions followed a five-week jury trial in the U.S. District Court of the Southern District of Texas. R. Allen Stanford was convicted in March 2012 of stealing over $2 billion of investor deposits to finance his lavish lifestyle. Lopez and Kuhrt will be sentenced on February 14, 2013 by U.S. District Court Judge David Hittner.